Excluding North American International Petroleum Capital Expenditure Increases by 12%

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The latest report issued by the U.S. investment bank Dalman Ross on July 3 shows that in 2012, capital expenditures of the global oil industry will reach 595 billion U.S. dollars, an increase of 11% over the previous year. The report is based on a survey of 463 oil and gas companies. Affected by the market's growing concerns about the global economic slowdown, US crude oil futures prices have fallen below $80/barrel in recent weeks. In recent days, crude oil prices have rebounded rapidly, but they are still in a low position not exceeding US$90/barrel.

The report said that the prosperity of the global oil well drilling will continue, but has been threatened by weak oil prices. Dalman Ross analysts warned that the oil company's budget is based on WTI crude oil price is 90 US dollars / barrel, higher than the current crude oil market trading prices. If the oil price falls back to 75-80 US dollars / barrel, does not rule out the possibility of some oil companies to reduce capital expenditures.

The Darman Ross report predicts that capital expenditures of international oil industry outside North America will increase by 12% this year, which is higher than the 9.3% increase forecast in the report of the end of 2011. Capital expenditures for the US oil industry this year will increase by 9.6%, which is lower than the 11% previously forecast. However, this is still a relatively rapid growth rate, especially when the current US natural gas price is at a decade low. The strong growth in capital expenditures of the US oil industry was mainly contributed by oil giants and large independent oil companies, such as ConocoPhillips, Total, and Apache. Capital expenditures for the Canadian oil industry will increase by 6% this year.

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ITEM Gear Ratio Ball Bearing Line Capacity(mm/m;Lbs/yds)-Standard Line Capacity(mm/m)-Shwallow OWC
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