
With the projections of a steady oil price uptick this year, fueled by rising demand and mounting geopolitical turmoil in the Middle East, the oil and gas industry is well-positioned to display robust resilience. Therefore, investors could consider buying fundamentally strong gas and oil stocks TotalEnergies SE (TTE), BP p.l.c. (BP), and Dorchester Minerals, L.P. (DMLP) now.
OPEC forecasts strong global oil demand growth for 2024 and 2025, with upward revisions in economic growth projections, which could provide additional support to the oil demand. As per the monthly report, oil demand could surge by 2.25 million bpd in 2024 and 1.85 million bpd in 2025, and global economic growth of 2.8% in 2024 and 2.9% in 2025 is projected, buoyed by easing inflation.