NEW YORK, NY--(Marketwire -09/05/12)- The recent rise in oil prices has led the G-7 nations -- the U.S., Canada, Japan, U.K., Germany, France and Italy -- to call upon oil producing countries to boost output. "We remain vigilant of the risks to the global economy," the G-7 said. "In this context and mindful of the substantial risks posed by elevated oil prices, we are monitoring the situation in oil markets closely." Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Penn West Petroleum Ltd. (PWE)(PWT.TO) and Halcon Resources Corp. (HK).
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A statement from G-7 finance ministers was recently released and posted on the U.S. Treasury Department website. Finance ministers had been concerned about the effect high oil prices would have on already weak global economies and are prepared to take action. Benchmark U.S. oil and Brent Crude have risen 22 percent and 23 percent, respectively, since late June.
"We encourage oil-producing countries to increase their output to meet demand," the statement said. "We stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied."
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Penn West is one of the largest conventional oil and natural gas producers in Canada. Penn West operates a significant portfolio of opportunities with a dominant position in light oil in Canada. Average production in the second quarter of 2012 was 163,181 boe per day compared to 156,107 in the second quarter of 2011.
Halcón Resources is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States. The company produced an average of 3,912 barrels of oil equivalent per day (Boe/d) during the second quarter, 73 percent of which was oil and natural gas liquids.
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