SOURCE: Paragon Financial Limited

Paragon Financial Limited

July 27, 2012 08:20 ET

EIA Slashed Global Oil Demand Forecasts by 130,000 Barrels per Day

The Paragon Report Provides Stock Research on Chevron and Suncor Energy

NEW YORK, NY--(Marketwire - Jul 27, 2012) - Oil and gas stocks have struggled in recent months as a less than favorable demand outlook for crude 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. The recent economic slowdowns in Europe and China have continued to raise concerns regarding future oil demand. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Chevron Corporation (NYSE: CVX) and Suncor Energy Inc. (NYSE: SU) (TSX: SU).

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The U.S. Energy Information Administration earlier this month slashed their global oil demand growth forecast by 130,000 barrels per day to 670,000. The EIA also lowered its oil demand growth estimate for 2013 by 360,000 bpd to 730,000 bpd in its monthly forecast.

"Global oil consumption is now expected to increase by 700,000 barrels a day next year, about 400,000 barrels a day less growth than previously forecast," Sieminski said in a statement accompanying the report. "Most of the growth in oil demand next year will occur in China, the Middle East, and Brazil."

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Chevron recently reported that its subsidiaries have completed a transaction to acquire interests in two blocks in the Kurdistan Region of Iraq. The company's Board of Directors has declared a quarterly dividend of ninety cents $0.90 per share, payable September 10, 2012 to shareholders of record at the close of business on August 17, 2012.

Suncor Energy recently stated that they were willing to delay the schedules of some of their oil sands expansion projects. "We are heavily involved in these profit improvement reviews at the moment and the indications are that some of these projects are moving backwards, not forward," said CEO Steve Williams on a conference call Wednesday.

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