The energy sector’s outlook underscores the essential role of energy in human development, with renewable growth alongside continued reliance on oil and gas to meet over half of global needs by 2050. So, investors could consider buying energy stocks VAALCO Energy, Inc. (EGY), Geospace Technologies Corporation (GEOS), and Adams Resources & Energy, Inc. (AE).
The extension of OPEC+ production cuts tighten global oil supplies, pushing the forecasted Brent crude oil price to $88 per barrel in the second quarter of the fiscal year 2024, up $4 from last month. However, given the rising demand, global oil production is expected to increase by 0.40 million barrels per day in 2024, primarily due to non-OPEC+ countries.
