As First Titan Corp. (OTCBB: FTTN) continues to scout promising new domestic energy opportunities, world demand for oil is growing faster in 2013 than even the experts predicted.
The U.S. Energy Information Administration increased its forecast for demand growth by 110,000 barrels of oil per day in 2013, taking global demand to 90.2 bpd this year. Earlier in the week, OPEC released its own monthly forecast anticipating that global oil consumption will expand by 840,000 bpd—80,000 bpd higher that previously predicted.
Both reports point to oil demand growing to surpass even the most optimistic expectations in early 2013—and that prices are almost certain to rise along with it.
“U.S. crude prices are shooting up even as we seek out our next domestic oil and gas play,” said FTTN CEO Harvey S. Bryant. “We’re working to help rapidly increase North American oil supplies, but much work remains yet to be done in order to help meet global demand. With production now underway at our Alabama oil and gas well and new projects on the way, we believe FTTN is well-positioned to capitalize on the current boom in demand growth.”In response to global worries stemming from continuing conflict in the Middle East and Africa as well as nuclear threats from Asia, U.S. oil is becoming a more highly-sought commodity. FTTN is working hard to increase production of domestic resources. The company owns a working interest in a production well in Alabama, with plans to drill a second in Louisiana before the end of the year. For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com/investors.html. First Titan is working to develop new energy solutions to compete in a booming global industry alongside Occidental Petroleum Corp. (NYSE: OXY), Anadarko Petroleum Corp. (NYSE: APC), Energen Corp. (NYSE: EGN) and Apache Corp. (NYSE: APA). About First Titan Corp. First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.