2023-04-16 08:13:00 ET
The International Energy Agency (IEA) recently released its April oil market report. The global energy overseer expects oil demand to heat up this summer. That will come as supplies shrink after Saudi Arabia recently led a big production cut.
These dueling forces should drive oil prices even higher in the coming months, and that makes a great time to buy oil stocks . Among the top ones to consider buying ahead of that rally are Devon Energy (NYSE: DVN) , Diamondback Energy (NASDAQ: FANG) , and Marathon Oil (NYSE: MRO) . All three oil companies recently made acquisitions, bolstering their ability to cash in on higher crude prices.
The IEA's latest forecast foresees global oil demand surging by 2 million barrels per day (BPD) to a record of 101.9 million BPD this year. Jet fuel demand is a big factor fueling the consumption increase, which the IEA expects will drive 57% of this year's expected growth.
For further details see:
Prediction: Oil Prices Will Rally This Summer. Here Are 3 Oil Stocks to Buy.