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Investing Topics: Oil Investing

China’s National Oil Companies on a Spending Spree

China’s three major national oil companies–China National Petroleum Corp (PetroChina), China Petroleum & Chemical Corp (Sinopec) and China National Offshore Oil Corp (CNOOC)–have aggressively pursued international acquisitions. This strategy not only helps to meet domestic demand but also diversify their supply base and gain experience in deepwater and other unconventional plays.

Oil Outlook 2013

A pick-up in global economic growth, OPEC’s tight spare capacity and the relatively high cost of incremental supply growth should ensure that Brent crude oil remains above $100 per barrel in 2013. Meanwhile, non-OPEC supply growth and the potential for demand destruction should cap international oil prices at $120 per barrel to $125 per barrel.

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