The intensified supply cuts from OPEC+ and the growing worldwide demand for oil may result in a surge in oil prices. In light of this, it could be an opportune time to own the shares of three fundamentally strong energy companies, Equinor ASA (EQNR), Par Pacific Holdings, Inc. (PARR), and Newpark Resources, Inc. (NR).
Despite the increasing momentum toward renewable energy, global oil consumption is on the rise. The International Energy Agency (IEA) has increased its projection for oil demand growth in 2023 to 2.4 million barrels per day (bpd). Also, it has revised its growth forecast for 2024 to 930,000 bpd, an increase from the earlier projection of 880,000 bpd.
