The return to pre-pandemic economic levels around the world is driving oil consumption higher each day. In fact, global oil demand is set to rise by 1.8 million barrels a day in 2023, breaking the record profits made in 2022.
Over the past year many investment classes have lost their luster. The pandemic housing bubble is bursting, making real estate unattractive in the near term. Cryptocurrency, hammered over the past year, continues its volatility. The stock market overall has remained flat for at least two years and uncertainty around a potential economic downturn does not build confidence. Based on this, more investors are looking to hard commodities like oil and gas.
High oil prices are welcome news for oil and gas investors. The current combination of market factors – growing demand, constrained supply, historically high prices forecast to continue in the near term – make oil and gas an unmatched opportunity for individual investors.
Click below to learn more about the record year expected for oil and gas in 2023 and how alternative investments compare.