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Furthermore, in the World Oil Outlook (WOO) report, OPEC projects that oil’s share in world energy consumption will increase to more than 31% by 2025, while 80% of the incremental demand might materialize within 2023. Also, the United States Energy Information and Administration (EIA) anticipates world energy consumption to increase by 50% over the coming 30 years and petroleum and other liquid fuels to remain the primary energy source. Given the unprecedented demand amid an ongoing supply crunch, analysts anticipate that oil prices could top $100 per barrel.
Therefore, we think fundamentally sound energy stocks Occidental Petroleum Corporation (NYSE:OXY), Continental Resources, Inc. (CLR), and Ovintiv Inc. (OVV) could be solid bets now.
