NEW YORK, NY -- (Marketwire) -- 02/26/13 -- The Oil & Gas Industry has experienced a good start to 2013 as improvements in the global economy has seen both the U.S. Energy Information Administration (EIA) and OPEC raise their forecasts for global oil demand in 2013. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has gained over 6 percent year-to-date. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Bill Barrett Corporation (NYSE: BBG) and Penn West Petroleum Ltd. (NYSE: PWE) (TSX: PWT).
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The EIA has raised its 2013 growth forecasts by 110,000 barrels per day (bpd) to 1.05 million bpd in 2013. Global oil demand is now expected to total 90.2 million bpd this year. The increase follows a report from OPEC earlier in the week projecting oil demand to increase by 840,000 bpd, 80,000 bpd higher than its previous estimate. Prices for Brent Crude have gained approximately 10 percent year-to-date hitting a 10-month high of over $118 a barrel.
"Market fundamentals and expectations strengthened in January 2013 because of earlier than-expected cutbacks in Saudi Arabian oil production and greater optimism about economic growth, particularly in China," the EIA said in its report.
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Bill Barrett's portfolio of Rocky Mountain properties is focused on four core development programs that support long-term, lower risk oil and natural gas development. Core programs offer an approximate decade-long drilling inventory with substantial growth potential. The company recently reported that oil production for the full year 2012 increased 80 percent to 2.7 million barrels.
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. For the full year 2012 the company had average production of 161,195 boe per day and was weighted roughly 65 percent to oil and liquids.
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