U.S. crude oil exports, already reaching impressive levels close to a record high in March, are poised to receive a significant boost next month. This surge is expected to be driven by substantial production cuts implemented by Saudi Arabia, which will also result in a further decline in U.S. crude inventories lingering near historic lows.
I think quality energy stocks Energy Transfer LP (ET – Get Rating), Valero Energy Corporation (VLO – Get Rating), and World Fuel Services Corporation (INT – Get Rating) might be poised to capitalize on industry tailwinds. So, these stocks might be ideal additions to your watchlist.
As per Forbes, U.S. oil production is on track to potentially set a new annual record this year, despite uncertainties. Monthly production figures for the first quarter of the year indicate a significant increase, surpassing the previous record set in 2019.
Additionally, the emergence of new oil and gas ventures in critical regions such as the Asia Pacific, the Middle East, and others is further fueling the demand for oilfield services.
According to a recent report by Consegic Business Intelligence, the global oilfield services market is expected to reach a value of $468.58 billion by 2030, expanding at a robust CAGR of 5.9%.
Furthermore, according to the International Energy Agency’s (IEA) recent Oil Market Report, global oil demand is projected to average 102 million barrels per day (mb/d) in 2023. This represents an increase of 1.3 mb/d compared to the demand levels seen in 2019.
Let us now discuss the stocks as mentioned earlier…
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