Quarterly Update: How the world’s oil supply chain could be splintered (Q3 2023)

Good Value | Pragmatic Value Investing

Along with a discussion about the state of the markets in Q3 2023 and Antipodes' current portfolio positioning, this episode covers the recent developments in the global oil market amid the escalation of conflict between Israel and Hamas.

Alison Savas (Antipodes Investment Director) is joined by Graham Hay (Antipodes Portfolio Manager Industrial, Hardware & Commodities) for this episode.

Key times:

• Current oil market dynamics & the implications of lower capital expenditure in recent years: 1:00
• How Iran could hold the world's oil market to ransom if the Israel - Hamas conflict widens: 3:40
• Why US sanctions on Russian crude are ultimately ineffective: 5:30
• How Saudi Arabia could respond to an oil supply shortfall: 7:15
• The Chinese oil demand puzzle: 10:10
• Antipodes' view on the outlook for the crude oil price: 13:30
• Antipodes' energy exposures (TotalEnergies & Occidental Petroleum)*: 15:00

PART 2

• The state of the markets in Q3 2023: 18:00
• Why it's unlikely a supportive liquidity environment can be maintained: 21:10
• A mild recession in the US remains likely: 25:00
• Antipodes' portfolio positioning: 27:30

*Stock commentary is illustrative only and should not be viewed as a recommendation to buy, hold, or sell any security.