Saudi Arabia is experimenting with new techniques to tap into its supply of heavy crude oil, that could help significantly increase the supply of oil to meet growing global demands. Heavy oils ... are costlier to bring to the surface than light oils. They also typically contain more contaminants like metals and sulfur... Chevron (NYSE:CVX) began a field trial of a technique designed to pump out heavy oil that was previously considered unrecoverable ... Chevron and the Saudis say initial results are promising and that the technique could greatly enhance recovery at some huge fields.
Friedman Billings downgraded Suncor Energy (NYSE:SU) to Market Perform. Price target is $95. The downgrade is based on higher than expected cost inflation pressures in oil sands and a potential easing in the risk premium imbedded in oil prices.
Deutsche Bank downgraded oil refiner Tesoro Petroleum (NYSE:TSO) to sell citing valuation.