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Despite the rapid spread of the COVID-19 Delta variant that is threatening the global economic recovery, the EIA expects the global consumption of petroleum and liquid fuels to average 97.60 million b/d for all of 2021. This reflects a 5.30 million b/d increase from 2020. The EIA also expects Brent prices to remain near current levels for the remainder of 2021, averaging $72/b from August through November. Thus, the stable demand conditions should allow XOM and COP to maintain their financial strength in the coming months.
COP has gained 12.3% in price over the past six months, while XOM has returned 4.6%. Also, COP’s 33.9% gains year-to-date compare with XOM’s 32% returns. In terms of nine-month’s performance, XOM is the clear winner with 46.2% gains versus COP’s 36.6%.
