Why OnePoint BFG's Peter Boockvar is 'very bullish' on oil

Watch on YouTube ↗  |  January 06, 2026 at 20:23  |  4:33  |  CNBC
Speakers
Peter Boockvar — Chief Investment Officer, BFG Wealth Partners

Summary

CNBC's Power Lunch discusses Venezuela's oil reserves and whether U.S. oil companies might help restore production. Peter Boockvar argues that Venezuela is not a near-term supply solution, because it would take years and $50-$100 billion to get back to 3 million barrels/day, a small amount in a 105 million barrels/day global market. He is bullish on oil, citing low Cushing inventories, low speculative positioning, inflation-adjusted cheap prices, and flattening U.S. shale output.

  • Venezuela's 300 billion barrel reserve figure is questioned and partly self-reported.
  • Restoring Venezuelan output to 3 million barrels/day could take $50-$100 billion over 5-10 years.
  • Global oil demand is growing 1-1.5 million barrels/day, while production is about 105 million barrels/day.
  • Peter Boockvar says Venezuelan supply is not coming soon and would have a tiny market impact.
  • He is bullish on oil amid low Cushing inventories and low net speculative long positioning.
  • He says U.S. shale production is flattening and maturing, reducing a source of supply growth.
Ideas
Peter Boockvar Chief Investment Officer, BFG Wealth Partners 3:27
Bullish crude oil; supply delayed, inventories low
Peter Boockvar is bullish on oil despite widespread supply-glut talk. He argues the market is too bearish: Venezuelan supply would not arrive for years, would require $50-$100 billion over 5-10 years merely to restore 3 million barrels/day, and would be tiny versus 105 million barrels/day global production. Oil near $60 is cheap in inflation-adjusted terms and versus today's extraction costs. He also cites Cushing inventories near the lowest since 2014, net speculative crude-oil longs at the lowest in 15 years, and U.S. shale production flattening/maturing, which removes a key source of supply growth.
WTI HIGH
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This CNBC video, published January 06, 2026, features Peter Boockvar discussing WTI. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Peter Boockvar  · Tickers: WTI