The increasing oil demand for transportation, manufacturing, and other industrial activities and the adoption of advanced technologies have put the oil industry in a bright spot, expecting it to grow significantly in the near-term. Therefore, investors could watch fundamentally robust oil stocks BP p.l.c. (BP), Petróleo Brasileiro S.A. - Petrobras (PBR), and Cheniere Energy Partners, L.P. (CQP) for returns in April.
OPEC projects global oil demand to expand by 2.2 million bpd in 2024 and 1.8 million bpd annual growth next year. Brent and U.S. WTI futures contracts rallied recently due to growing concerns about the potential for a supply deficit during the peak summer driving season, potentially arising from production cuts from OPEC+, Ukrainian drone attacks on Russian refineries, and retaliatory attacks on Ukrainian oil facilities, and tensions in the Middle East.
