![]() According to Wall Street Journal, JPMorgan analysts said that while recession will keep the global economic growth in check, the oil industry will see a strong growth as countries like China begin to remove COVID restrictions. JPMorgan in December also outlined its bullish thesis for the oil industry. Consumption in the year, according to the agency, is expected to grow by a whopping 1.7 million barrels a day to reach 101.6 million barrels a day. The agency also increased its oil demand forecasts for 2023 by 300,000 barrels a day, mainly due to growth in India and China’s decision to remove COVID restrictions. The IEA believes that the full effects of the oil embargo on Russia would begin to show its effects in the coming weeks. If Russia’s production declines, oil prices, which started the year on a lower note, could again start to climb towards new highs. ![]() Recently, the International Energy Agency said that Russia’s output could decline by 14% in the first quarter of 2023. According to a latest report by Deloitte, in 2022, the global upstream industry was projected to generate its highest-ever free cash flows of $1.4 trillion at an assumed average Brent oil price of $106/bbl. The oil industry notched record gains in 2022 and analysts are hopeful that the industry would continue to post record profits this year as they see no end in sight to the catalysts that gave boost to oil companies in the previous year. To see more such companies, go directly to 5 Best American Oil Stocks To Buy Now. In this article, we will take a look at the 11 best American oil stocks to buy now.
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