Despite Concerns of a Global Economic Slowdown Global Oil Demand Expected to Rise by 1 Million Barrels a Day in 2013
July 16 2012 - 8:20AM
Marketwired
Oil and gas stocks have continued to be weighed down by falling
prices as a less than favorable demand outlook for crude, created
by the recent euro crisis, weakens investor optimism in the
exploration industry. The SPDR S&P Oil & Gas Exploration
& Production ETF (XOP) has fallen over 6.5 percent in the last
three months. Five Star Equities examines the outlook for companies
in the Oil & Gas Industry and provides equity research on Penn
West Petroleum Ltd. (NYSE: PWE) (TSX: PWT) and Triangle Petroleum
Corp. (NYSE: TPLM).
Access to the full company reports can be found at:
www.FiveStarEquities.com/PWE
www.FiveStarEquities.com/TPLM
On Thursday, the International Energy Agency stated they expect
global oil demand to increase by 1 million barrels a day in 2013.
In their report the IEA forecasts global oil demand in 2013 will
rise 1.1 percent to average 90.9 million barrels a day. While the
rise comes as a welcome sign, demand is still "well below" the
levels before the financial crisis.
"While the economic risks encompassed in our weaker GDP and
demand profile this month also hint at something of a price
ceiling, the latent potential of emerging market demand growth and
ongoing risk of nasty supply surprises could keep prices stubbornly
high in absolute terms," the IEA report said.
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Penn West is one of the largest conventional oil and natural gas
producers in Canada. Penn West operates a significant portfolio of
opportunities with a dominant position in light oil in Canada.
Average production in the first quarter of 2012 was 167,420 boe per
day, after the effect of approximately 4,500 boe per day of asset
dispositions in January, compared to 168,801 boe per day for the
fourth quarter of 2011.
Triangle is a growth oriented energy company with a current
strategic focus on developing the Bakken Shale and Three Forks
formations in the Williston Basin of North Dakota and Montana.
Triangle has acquired approximately 83,000 net acres in the
Williston Basin. The company reported total production in first
quarter fiscal 2013 was 62,700 boe.
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