Rex International and RH Petrogas are two oil producers listed on the Singapore Exchange. 

They would be beneficiaries of a forecast rise in oil prices going into 2H2023 and 2024 on higher demand and supply shortage.


550 oilrig

Rex stock price 

17.2 c

52-wk range

11.8 – 37.5 c

PE (ttm)

3

Market cap

S$224 m

Shares outstanding

1.3 b

Dividend 
yield 

--

1-yr return

-40%

P/B

1.0

Source: Yahoo!

According to the International Energy Agency's latest forecast this week, oil demand will grow by a substantial 2.2 million barrels per day (bpd) this year.

China, the world's top oil importer, is the key driver of the growth.

It is set to account for nearly 60% of global demand growth in 2023, offsetting, along with India and the Middle East, sluggish demand in developed countries, says the agency.


RH Petrogas stock price

19.1 c

52-wk range

16.3 – 30 c

PE (ttm)

6.4

Market cap

S$171 m

Shares outstanding

835 m

Dividend 
yield 

--

1-yr return

-20%

P/B

3.3

Source: Yahoo!

But oil prices have seen recent multi-week weakness. This has been attributed to Chinese industrial activity and retail sales in April being weaker than expected.

"The current market pessimism, however, stands in stark contrast to the tighter market balances we anticipate in the second half of the year, when demand is expected to eclipse supply by almost 2 million barrels per day (bpd)," says IEA.

 

References: 

The 2023 Oil Demand Conundrum

• Goldman Sachs: Oil Markets To Face Supply Crisis In 2024

 

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