Oil Supplies in the U.S. Reach Highest Level in Over Two Decades

The Paragon Report Provides Stock Research on BP and Exxon Mobil

NEW YORK, NY -- (Marketwire) -- 06/28/12 -- Disappointing news from China, the U.S. and Europe have seen commodity prices slide as concerns of the global economy continues to grow. "Fears about the economy are making people very leery," said Michael Lynch, the president of Strategic Energy & Economic Research. "The jobless claims, the manufacturing data and all the economic data are coming together to push almost everything down." The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on BP plc (NYSE: BP) and Exxon Mobil Corporation (NYSE: XOM).


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The Energy Information Administration on last Wednesday reported that oil supplies grew by 2.9 million barrels to 387.3 million for the week ending June 15. Oil supplies were predicted to drop by 1.3 million barrels according to the median of 11 analyst estimates in the Bloomberg survey. The recent boom in North American oil production has seen supplies rise to their highest levels in 22 years. The department's report showed that U.S. crude production surged 117,000 barrels a day to 6.35 million for the week ended June 15, the highest since 1999.

"The U.S. is flush with oil right now," independent analyst and trader Stephen Schork said. "And if you factor in the economic mess in Europe, slower economic growth in China, and probably overproduction from the Saudis in preparation for the Iranian oil embargo, the world has a comfortable supply."

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BP recently announced that on June 3, 2012 it began the initial start-up of the Galapagos development in the deep-water U.S. Gulf of Mexico, one of a series of new major upstream projects that the company expects to bring into production this year. BP expects to invest at least $4 billion a year on oil and gas development in the Gulf of Mexico over the next 10 years.

Rosneft and ExxonMobil recently signed agreements to jointly develop tight oil reserves in Western Siberia and establish a joint Arctic Research Center for Offshore Developments. ExxonMobil will finance the geological studies and exploratory drilling. Participating interests in a potential development phase will be 66.67 percent for Rosneft and 33.33 percent for ExxonMobil. Drilling is expected to begin in 2013.

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