You Will Own Nothing and Be Happy

Good morning, this is the Oil Patch. Batman's got Robin. Turner's got Hooch. Carl Winslow's got Steve Urkel. You've got the Oil Patch – we're your oil and gas sidekick.

Here's what the Oilman has for you today:

• From Russia With Love

• Crude's Wild Party

• Renewables Are WEF Chains

• Tweet of the Day

• Meme of the Day

From Russia With Love

Qatar's Energy Minister, Saad Sherida al-Kaabi, suggested that Europe's rejection of Russian energy commodities following Moscow's invasion of Ukraine won't last forever.

Al-Kaabi believes that Europe will eventually return to buying Russian gas, citing that "things get mended with time" and that Europe will learn from the situation and have a much bigger diversity of energy intake.

Europe has long been Russia's largest customer for energy commodities, especially natural gas, but EU countries have dramatically cut down their imports of Russian energy supplies, imposing sanctions in response to Moscow's brutal invasion of Ukraine.

This has dramatically increased energy costs for Europe and has sent leaders and oil and gas executives scrambling to develop new sources of energy and shore up alternative supplies.

However, Eni CEO Claudio Descalzi pushed back on al-Kaabi's comments, stating that the war in Ukraine is still ongoing and that it is not easy to forgive when innocent people are killed.

“Honestly, energy security is a big problem… but I think that, in 2023, the priority is Ukraine,” Descalzi said. That’s from my point of view. It’s Russia. It’s the relationship with China.”

Welp, nothing like continued global tensions, record high EU energy prices, and no end in sight. Sigh.

Crude's Wild Party

Crude oil kicked off the week with a bit of a hangover after last week's wild party, as traders decided to take a break and wait for the latest market forecasts from OPEC and the International Energy Agency.

Brent crude was trading at a bit over $84.50 per barrel, while West Texas Intermediate had slipped below $80 and was being sold for a 'bargain' of $79.30 per barrel.

Last week, crude oil had its sharpest weekly price spike since October, all thanks to China's decision to reverse its zero-Covid policy and ramp up industrial activity, which in turn, boosted oil demand.

Now, traders are anxiously waiting to see if OPEC will change its tune on oil demand predictions for the year, as they release their latest Monthly Oil Market Report today.

But for now, the oil market is surprisingly stable, despite the G7 price cap on Russian exports, according to UAE's oil minister, Suhail al-Mazrouei.

We'll have to wait to see if oil rips and the party begins again.

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Renewables Are WEF Chains

If you were unaware that the Davos World Economic Forum elite were working on enslaving you, then you need to watch this.

"And by doing that now lots of people do not buy a car, and it has felt like actually – they would like to have a car – and they simply do not need it, because the environment was built in a way that they do not need it [a car]."

Yes, listen to this guy. You don't need a car. You can walk to school. Or the grocery store. In your quaint little prison village that was mass-produced for you by your shadow government overlords.

"I think this is what the policy needs to do, they have to change the environment so that a sustainable lifestyle, a lifestyle in harmony with nature is the way to go."

The WEF is changing "nature" all around you – all around us – to get what they want.

"What does it need to master the future?" Klaus Schwab asked ominously in Davos. "I think to have a platform where all stakeholders of global society are engaged."

Wake up. This does not mean you. It means Klaus and his buddies.

These people manufactured the last three years – the "many crises simultaneously."

And they are working on manufacturing you out of existence.

Tweet of the Day

A recession, huh? Doesn't sound promising...

Meme of the Day

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