With the strong demand for oil and gas and tight supplies amid escalating geopolitical tensions and extended output cuts by OPEC+, the energy sector is thriving. Thus, investing in high-yield, fundamentally sound energy stocks Chevron Corporation (CVX) TotalEnergies SE (TTE), and BP p.l.c (BP) could be wise for steady returns.
In a monthly report, OPEC expects global oil demand to grow by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd next year. Robust energy demand, geopolitical tensions in the Middle East, OPEC+’s extended voluntary supply cuts into the second quarter, and Russian missile attacks on Ukraine are causing constant oil price hikes.
