The energy sector, buoyed by record levels of oil production and substantial oil and gas demand, currently offers an unparalleled opportunity for boosting portfolio returns.
Since approximately 30% of global oil production hails from the Middle East, escalating turmoil could push oil prices above $100 per barrel. Regardless of the potential influence of conflict severity on oil supply, supply cuts by Saudi Arabia and Russia may trigger a rise in oil prices.
Current U.S. strategies aimed at lowering carbon emissions seem to have no adverse effect on the country's crude oil output, effectively at its zenith. Global oil demand continues to show promising growth prospects. The U.S. Energy Information Administration (EIA) projects that U.S. natural gas production and demand could shatter existing records by 2023.
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