NEW YORK, NY--(Marketwire - Dec 14, 2012) - Oil & Gas stocks have struggled in 2012 as high production rates and low demand have kept a lid on oil prices. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has gained just 3 percent year-to-date. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Ivanhoe Energy Inc. (
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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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