Is the Super Cycle of Crude Oil Coming Back?
Executives from several US energy giants such as Western Petroleum, Chevron, and Continental Energy spoke out intensively on Monday. Many companies chose not to increase production even as oil prices approached $100, claiming that US energy policies were incoherent and hindered oil production.
$Occidental Petroleum(OXY.US$, which Buffett has invested heavily in, say they will still maintain stable oil production.
Chevron CEO Mike Wirth said that US energy policy is inconsistent, which is hindering oil production.
Continental Resources said it has no plans to increase production, and if the US government does not act, oil prices will rise to $150.
JPMorgan Chase shouted "Super Cycle Return" for crude oil, predicting that oil prices will soar to $150 and there will be multiple energy crises in the next decade. JPMorgan Chase's crude oil market judgment is quite accurate: it has been bearish on oil prices from 2013 to 2019, and then launched a series of "Super Cycle" reports in 2020, and has been in a wait-and-see state since this year.
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103929176 : Will the rise of oil price prompt the rise of agricutural stock price?
Noah JohnsonOP 103929176: Good point！I do think so. The increase in oil prices will drive up agricultural product prices, which will in turn drive up agricultural stock prices.