Against this backdrop, fundamentally strong oil and gas stocks Santos Limited, Ultrapar Participações, and Martin Midstream Partners, trading under $5, could be solid buys now.
OPEC's monthly magazine indicates that the core factors influencing the oil market remain strong. It made minor upward revisions to its 2023 global oil demand growth forecast.
Disregarding the potential impact of heightened conflict severity on oil supply, supply cuts initiated by Saudi Arabia and Russia may induce a further spike in oil prices. Standard Chartered projects Brent prices to reach $128/bbl by 2026.
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