NEW YORK, NY--(Marketwire - Feb 22, 2013) - The Oil & Gas Industry has experienced an admirable 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 nearly 6 percent year-to-date. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Linn Energy LLC (NASDAQ: LINE) and Cobalt International Energy, Inc. (NYSE: CIE).
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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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LINN Energy has approximately 15,000 gross productive oil and natural gas wells and achieved record annual organic production growth of 30 percent in 2011. The company recently announced it has acquired Berry Petroleum for $2.5 billion. The acquisition will increase LINN's liquids exposure to54 percent from 46 percent as Berry's reserves are approximately 75 percent oil.
Cobalt International Energy is an independent, oil-focused exploration and production company with a salt prospect inventory in the deep water of the United States Gulf of Mexico and offshore Angola and Gabon in West Africa. The company is scheduled to release fourth quarter and full year 2012 results before market open on Tuesday, February 26th.
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