The world’s largest oil producer, Saudi Aramco has warned of a tight global oil market, which does not bode well for many countries around the world that are still heavily dependent on fossil fuels, Yahoo writes.

“Today there is very little spare capacity,” Saudi Aramco CEO Amin Nasser told a conference in London. – If factories open in China, the economy starts to improve or the aviation industry needs more jet fuel, spare capacity will collapse and oil prices will spike again.”

Regardless, however, Wall Street recommends that investors pay attention to the stocks of 3 oil companies to bet on.

1. Shell (NYSE:SHEL) is a multinational energy giant that operates in more than 70 countries and produces about 3.2 million barrels of oil per day, has a stake in 10 refineries and sold 64.2 million tons of LNG last year. Shell shares are listed on the London Stock Exchange, Euronext Amsterdam and the New York Stock Exchange. Shares listed on the NYSE are up 26% since the beginning of the year. Shell is trading at around $56 per share today.

2. Chevron (NYSE:NYSE:CVX) is another major oil company capitalizing on the commodities boom. It posted a profit of $11.2 billion for the third quarter, up 84% from the same period last year, and its sales and other operating income for the quarter totaled $64 billion, up 49% from a year ago. Chevron approved a 6% increase in its quarterly dividend to $1.42 per share, meaning its dividend yield was 3.0%. For the year, its stock is up 57%.

3- Exxon Mobil (NYSE:NYSE:XOM) has the largest market capitalization at over $460 billion, which is more than Shell and Chevron. Plus, it boasts the strongest stock price performance of all 3 companies in 2022 – its shares are up 79% YTD. Exxon earned $43.0 billion in profit in the first 9 months of 2022, up significantly from $14.2 billion last year. Its free cash flow for the first 9 months was $49.8 billion compared to $22.9 billion in the same period last year. The company pays a quarterly dividend of 91 cents per share, representing an annualized yield of 3.2%.