Buy Hold Sell: The commodities that still run the world (and 4 ASX stocks to play them)

The world is meant to be moving away from oil and gas, yet we are consuming more of it than ever.

Global oil demand is now running at more than 102 million barrels per day, above pre-pandemic levels, and expected to continue growing according to the International Energy Agency. At the same time, oil and gas still account for roughly 55% of global energy consumption, underscoring just how far the transition still has to run.

That’s not to say the shift isn’t happening. Renewables now generate close to 30% of global electricity, and clean energy investment has surged past US$2 trillion annually, well ahead of fossil fuels. But here’s the catch: existing oil fields decline at around 5–7% per year, meaning fresh supply is constantly needed just to stand still.

Recent events have made that juxtaposition impossible to ignore - just ask anyone who has filled up their car at $2.50+ per litre in recent weeks.

The conflict in the Middle East has provided a sharp reminder that, for all the progress, the global economy remains deeply reliant on hydrocarbons. Australia remains one of the world’s largest LNG exporters and is home to globally competitive oil and gas producers across the market cap spectrum.

In this episode, Acorn Capital’s Rick Squire and Datt Capital’s Emanuel Datt discuss the energy market and run the ruler over four ASX oil and gas stocks.

This episode was recorded on Wednesday, 8th April 2026.