Arete Industries (ARET)

[GusherMan]

Global Oil Demand to Increase 1 Million Barrels per Day According to IEA


1 NEW YORK, NY -- (Marketwire) -- 07/13/12 -- 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.

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.


Hey Oil and Surf...I think with being Domestic Oil and Gas...and reserves not even yet to be exploited...we're in the right place at the right time...AMEX by end of year too..if not sooner :)