International Energy Agency Forecasts Global Oil Demand to Rise by 1 Million Barrels a Day in 2013
July 13 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 10 percent in the last
three months. Five Star Equities examines the outlook for companies
in the Oil & Gas Industry and provides equity research on ATP
Oil & Gas Corp. (NASDAQ: ATPG) and EXCO Resources Inc. (NYSE:
XCO).
Access to the full company reports can be found at:
www.FiveStarEquities.com/ATPG www.FiveStarEquities.com/XCO
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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ATP Oil & Gas recently announced the completion of
Mississippi Canyon Block 941 A-2 well located in the Mirage Field.
Initial test flow rates are at 4,000 barrels equivalent per day of
which 90% is oil. The A-2 well will be tied back to the facility
immediately and is expected to produce at a rate of 4,000 to 5,000
Boe per day.
EXCO Resources is an oil and natural gas company with principal
operations in East Texas, North Louisiana, Appalachia and West
Texas. The company reported oil and natural gas production was 49
Bcfe, or 533 Mmcfe per day, for the first quarter 2012 compared
with 552 Mmcfe per day in the fourth quarter 2011 and 408 Mmcfe per
day in the first quarter 2011. EXCO is scheduled to release second
quarter 2012 results on Tuesday, July 31, 2012, after market
close.
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