Constrained supplies with OPEC+ agreeing to deepen voluntary oil production cuts and growing demand worldwide are expected to push oil prices higher, driving the outlook of the energy sector. Thus, it could be wise to add quality oil & gas stocks Shell plc (SHEL), Unit Corporation (UNTC), and Adams Resources & Energy, Inc. (AE) to your portfolio now.
The oil-producing group announced yesterday that several OPEC+ oil producers agreed to voluntary output cuts totaling about 2.2 million barrels per day (bpd) for the first quarter of 2024. Saudi Arabia, the world’s largest crude exporter, will extend a voluntary output cut of 1 million bpd, previously intended till the end of December, by another three months.
