Energy Investing - Flynn Energy - June 1 - Energy Investing - InvestorVillage

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Msg  501291 of 552049  at  6/1/2023 11:56:17 AM  by


 In response to msg 501246 by  blondeBond
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Re: Flynn Energy - June 1

"Reuters, Bloomberg and the Wall Street Journal did not get a golden ticket invitation to attend the OPEC meeting. No official reason was given but sources I have spoken to say it is because some OPEC Plus members believe that they have been misquoted and accuse some reporters of having an agenda. Former OPEC advisor and speaker Anas Alhajji said that OPEC & OPEC+ meetings are only for ministers & delegates. Media & analysts do not attend OPEC meetings. They hang around to get information, conduct interviews on the side, & attend the press conference at the end of the meeting. Journalists with no press credentials may not be able to enter the OPEC building.

Yet is OPEC getting ready for another surprise? Reuters is reporting that OPEC and allies are unlikely to deepen output cuts at the June 4 meeting, that they are not invited to. Some believe that the reason reporters are not going to be invited to this meeting is because of high tension between Russia and Saudi Arabia. Yet I’m hearing from other people that one of the reasons why Saudi Arabia is upset with the Wall Street Journal is that the report of tension between Russia and Saudi Arabia just isn’t true. Others say that Crown Prince bin Salman has been upset with other reports from both Bloomberg and Reuters.

Should OPEC cut production? If you look at oil inventories there is no need to cut output but if you look at prices they had better cut. OPEC is arguing that the price of oil is out of line with the fundamentals in part because of Strategic Petroleum Reserve releases but also warrants that this disconnect between the prices and supply and demand is causing a massive drop in investment that could lead to major shortages in the future. Every major reporting agency sees the world going into a supply deficit in the second half of the year and if we don’t respond to that with more production, it’s only going to get worse unless the economy hits a brick wall."

He wrote exactly as in my comments about WSJ article and others. Agenda, speculation, misrepresentations instead of reporting news.
WSJ and Bloomberg  were the worst. Reuters - a bit better, but still one-sided. Not impartial. Major news outlets shall be impartial. Hopefully they have learned the lesson...

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