Lao Ba began to be greedy again. Recently, in the case of falling oil and gas stocks, Buffett began to buy Western oil again!

Berkshire Hathaway bought 9.55 million Western oil shares between June 17 and 22 at a price of $54.96-$56.42 a share, according to the latest regulatory filing. Based on the average price, the total cost of increasing holdings during this period is about $530 million (about 3.57 billion yuan).

As of the time of disclosure of the documents, Berkshire Hathaway's total direct shareholding rose from 143 million shares to 153 million shares. If indirect shareholding and warrants are addedBerkshire Hathaway owns more than 22% of Western Oil.。

As a result, Western oil has becomeBerkshire Hathaway's sixth largest stock.

However, oil and gas resources began to fall overnight after Federal Reserve Chairman Powell decided to raise interest rates by 75 basis points at the June meeting.

Western oil shares have fallen sharply since June, falling as much as 19.5 per cent. Some institutions estimate that if Buffett has held his shares since March, he may face paper losses.

In addition, Buffett also holds another leading stock in the crude oil industry, Chevron Corp, which is currently ranked as the fourth largest stock in Berkshire Hathaway. Chevron Corp has also fallen sharply since June, down 15.3 per cent.

When it comes to oil prices, the agency is also making a fuss.

How many times do you fight? Pops are determined to be bullish.

Earlier, the chief executive of Exxon Mobil Corp, an oil company that had been criticized by Biden for "making more money than God", said recently thatThe global oil market is likely to remain tense for the next three to five years, mainly because of a lack of oil investment since the outbreak began.

The chief executive of Vitol, the world's largest independent crude oil trader, also said oil prices are unlikely to fall unless demand is weak.

And Fernando Blanch, an energy analyst at Bank of America, also said in his latest weekly report that he was bullish on oil prices. 'Even if the world falls into recession, the average price of Brent crude is likely to exceed $75 a barrel next year,'he wrote.

Blanch also pointed out that the market does not appear to have priced the possible 10-year supply crisis in Russia, as forward oil prices have been firmly anchored in the long-term range of $60 to $80 a barrel.

In addition, US President Joe Biden recently called for legislation to suspend the "fuel tax" in order to lighten the economic burden on the people. However, the CEO of Target believes that Biden's suspension of the gasoline tax will only stimulate demand and will not help increase supply.

The core issue still returns to the supply side.

On the other hand, overnight Federal Reserve Chairman Powell said at the hearing that as interest rates are raised to deal with inflationThere may be a recession in the United States. This has heightened fears of a recession.

As the Fed continues to raise interest rates to strengthen the dollar, this has put another layer of pressure on oil prices.

In addition, the White House confirmed that Biden will visit Saudi Arabia in person in July. As the largest oil producer in the Middle East, Saudi Arabia has 15-2 million barrels of spare capacity per day. If Saudi Arabia takes the lead in increasing production, the market is expected to be greatly reversed and crude oil prices are expected to fall back quickly.

Expectations of a sharp increase in Saudi Arabia are also an important driver of the recent fall in crude oil prices, according to Reuters.

Overall, Buffett and Munger, the two old partners, are still bullish on the oil industry, which is what they analyzed at the shareholders' meeting:

Western Oil has a particularly good annual report, so it decided to invest in it.

I hope there are a lot of oil reserves. I prefer to buy oil from the Middle East and retain domestic resources in the United States. In the next two hundred years, oil will be a very precious resource. He admitted that this was not the view of most people and said, "I don't care. I just think they're all wrong." "

The federal government now has billions of dollars in storage. Now people think that it is a good thing that this country has so much oil reserves, but when you think about it, it is not enough. These reserves will be gone in three to five years, and you don't know what will happen in three or five years. And the United States produces 11 million barrels of crude oil a day, which is of great value to the world.

The two fathers are concerned about the oil industry.

Still maintain an optimistic view

What do the cattle friends think?

The current stock price is Buffett's purchase price.

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