Marathon Petroleum Corp
Shares of several oil companies are also trading higher in recent sessions after OPEC maintained its growth forecasts and forecasted a supply shortfall.
When OPEC predicts a supply shortfall, it suggests that global oil supply may not meet demand. This expectation often leads to an increase in oil prices.
MPC can benefit from higher oil prices because it can sell its oil at higher rates, potentially boosting revenues and profits.
According to a report by Bloomberg, global oil markets are anticipated to face a significant supply deficit exceeding 3 million barrels per day in the next quarter, possibly the largest in over a decade.
Bloomberg says this is mainly due to Saudi Arabia's extension of production cuts. Despite tightening market conditions, Saudi Arabia has prolonged an additional 1 million-barrel-per-day output reduction until year-end.
OPEC's forecasts indicate a sharp drop in world oil inventories, with a projected decline of around 3.3 million barrels per day in the next three months, potentially the largest since 2007, as analyzed by Bloomberg based on OPEC data.
According to data from Benzinga Pro, MPC has a 52-week high of $157.99 and a 52-week low of $20.57.