NEW YORK, NY -- (Marketwire) -- 07/21/11 -- Oil companies have been boosting production this year to keep up with surging demand. There is concern that oil demand may soon slide, however, after the Organization of Petroleum Exporting Countries (OPEC) questioned the global economic recovery. The Bedford Report examines the outlook for companies in the Oil and Gas Sector and provides equity research on ATP Oil and Gas Corporation (NASDAQ: ATPG) and Tri-Valley Corporation (NYSE Amex: TIV). Access to the full company reports can be found at:
While OPEC thinks global demand will continue to increase this year to the highest levels ever, the cartel argues that demand won't grow as much as it previously expected. Last week OPEC said it expects daily world consumption will increase this year by 1.36m barrels -- down from a previous estimate of 1.38m barrels -- to an average 88.18m barrels. OPEC said it cut demand expectations 'as the unsteady global economy has added risks to the forecast.' OPEC added that it is hard to estimate how much oil the US will consume this year.
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ATP Oil & Gas Corporation is engaged in the acquisition, development and production of oil and natural gas properties in the outer continental shelf of the Gulf of Mexico. Drilling activity is once again picking up in the Gulf after the temporary moratorium. ATP was the first Gulf of Mexico operator to begin drilling in the deepwater after the BOEMRE began issuing permits.
Tri-Valley also boosted production in the most recent quarter. Tri-Valley says that production in the first quarter totalled 7,004 barrels of oil compared with 6,110 barrels in the same quarter of 2010.
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