Oil and Gas Continues to Battle Slowing Demand -- U.S. Oil Demand Falls to a 17-Year Low in October The Paragon Report Provides Stock Research on Ivanhoe Energy and Talisman Energy
© Marketwire 2012
14.12.2012 14:58:17 -
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www.ParagonReport.com/IVAN : http://ctt.marketwire.com/?release=965980&id=2391619&type=1&url=http%3a%2f%2fwww.paragonreport.com%2fIVAN
www.ParagonReport.com/TLM : http://ctt.marketwire.com/?release=965980&id=2391622&type=1&url=http%3a%2f%2fwww.paragonreport.com%2fTLM
The American Petroleum Institute last month reported U.S. oil demand in October fell to 18.4 million barrels a day, which was the lowest October demand seen in 17 years. During the first 10 months of the year was 2.1 percent below the comparable period in 2011. Crude production in October averaged 6.652 million barrels a day, the highest in October since 1994.
"For many months, we've seen variations on the same theme: weak demand versus a year ago and some of the weaker demand numbers over the past decade," said John Felmy, API chief economist. "The simple fact is that unemployment remains high and economic growth has been extremely modest. Petroleum demand is reflecting that."
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Ivanhoe Energy is an independent international heavy oil exploration and development company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary heavy oil upgrading process (HTL). Shares of the company have fallen nearly 30 percent year-to-date.
Talisman's main operating areas are North America, the North Sea and Southeast Asia. In 2011, the company produced an average of 426,000 Boe/d. The company last month confirmed a significant accumulation of light oil in the Kurdamir-2 well. The company plans to drill an adjacent appraisal in early 2013.
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