Oil Buyers Guide

Cushing Crude Pipeline Outflow Increased Last Week, Genscape Data Show

October 21, 2014

Pipeline outflow from the Cushing, Oklahoma storage hub increased last week after falling for the previous two weeks, as flow on both the TransCanada Gulf Coast and Seaway lines rose, Genscape said in a report. The EIA will release its weekly report on Cushing inventories tomorrow. Total outflow from Cushing rose by an average of 238,456 barrels a

Oil Demand Growth Weakest Since ’09, IEA Says

October 14, 2014

BY GRANT SMITH Oil demand will expand at the slowest pace since 2009 this year as global economic growth weakens, the International Energy Agency said. The adviser to governments also cut its estimates for 2015. Oil consumption will increase by about 650,000 barrels a day this year, the Paris-based agency said in its monthly

Occidental Said to Sell Bakken Assets for $3 Bln

October 7, 2014

BY BRADLEY OLSON AND MATTHEW MONKS Occidental Petroleum Corp., the U.S. oil producer that is restructuring to focus on its most profitable operations, is seeking to sell oil assets in North Dakota for as much as $3 billion, people with knowledge of the matter said. Occidental is working with investment bank Tudor Pickering

Eon, Enel Bid in Algeria’s Biggest Energy Auction

September 30, 2014

BY SALAH SLIMANI AND BRUCE STANLEY EON SE, Enel SpA and Dragon Oil Plc are among international companies poised to bid today in Algeria’s biggest auction of exploration rights for oil and natural gas, officials said. Algeria, Africa’s largest gas producer, is selling energy licenses for 31 areas comprising an area the size

OPEC Output Not Yet Agreed: UAE Oil Minister

September 23, 2014

BY MAHER CHMAYTELLI OPEC nations have yet to decide to cut their collective oil-production target, the UAE’s energy minister said, days after the group’s chief suggested its 12 members may lower the ceiling in 2015. “It’s not a one-man decision,” Suhail Al Mazrouei told reporters today in Abu Dhabi. “It’s a decision by

Islamic State Delays Iraq Oil Pipeline Project

September 16, 2014

BY MAHER CHMAYTELLI Islamic State’s onslaught in Iraq is forcing the OPEC producer to delay its first project finance deal, a 1 million barrel-a-day oil pipeline to the Red Sea through Jordan that would bypass the Persian Gulf’s Strait of Hormuz shipping chokepoint. Iraq has agreed to postpone bids to build the export

Brent Red-Spread Flips Into Contango

September 9, 2014

By Grant Smith The difference between December 2014, and December 2015 Brent contracts, also known as the grade’s “red spread,” swung into contango yesterday, exchange data compiled by Bloomberg showed. December 2015 Brent contracts were trading at a 28-cent a barrel premium to December 2014. The 2015 contract was last at a

OPEC Content to Sit and Wait on U.S. Oil

September 2, 2014

BY CHRISTOPHER SELL, BLOOMBERG BRIEF EDITOR It is “business as usual” for OPEC in the face of potential U.S. crude exports into the international market for the first time in 30 years. In an interview with Bloomberg Brief: Oil Buyer’s Guide, OPEC Secretary-General Abdalla Salem El-Badri said there needs to be more clarity

Petrobras Best Oil Bet, Seen Supported by Elections

August 26, 2014

Petrobras, the best-performing major oil stock in the past six months, could extend the gain by as much as 30 percent if either of the two main presidential opponents prevail in Brazil’s October presidential elections, according to Teorica Investimentos. — Peter Millard and Julia Leite This chart was taken from the Bloomberg

China’s Imports of Russian Fuel Oil at Five-Year Seasonal Low

August 19, 2014

China second quarter fuel oil imports from Russia have fallen to their lowest level since 2009, according to customs data. Imports have dropped to an average of around 141,000 metric tonnes a month. -By Winnie Zhu This chart was taken from the Bloomberg Brief Oil Buyer’s Guide. To take a complimentary 30 day trial