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Oil Buyers Guide

World’s Top Oil Trader Vitol Sees Price at $40-60 to ’16

September 1, 2015

BY JAVIER BLAS AND WILL KENNEDY, BLOOMBERG NEWS Oil prices will remain at $40 to $60 a barrel into 2016 as rising crude supplies overwhelm demand, according to the world’s largest independent oil trader. The oil-production surplus means stockpiles will keep expanding for “the next few quarters” and excess inventories won’t

Major Fossil Fuel-Producing States Rely Heavily on Severance Taxes

August 25, 2015

— Compiled by Alison Ciaccio, Bloomberg Brief Editor Several states that produce large amounts of fossil fuels rely heavily on severance tax revenue, or taxes based on the volume and/or value of oil, natural gas, coal and other natural resources, according to a report from the U.S. Energy Information Administration.

Oil-Bull Agony Endures on Commodity Currency Drop

August 18, 2015

BY MARK SHENK AND REBECCA PENTY, BLOOMBERG NEWS Crude bulls, stung by the worst July on record, should expect further pain as slumping commodity currencies cut production costs. Drillers from Russia to Canada, the world’s second- and fourth-biggest oil producers, sell crude in U.S. dollars while paying most operating costs

Shale Oil Output Wanes as U.S. Producers Retreat in Bear Market

August 11, 2015

BY DAN MURTAUGH, BLOOMBERG NEWS The shale fields that propelled the U.S. energy boom are expected to take another step back next month as producers reduce costs in the midst of a bear market. Output from the prolific tight-rock formations, such as the Eagle Ford in southern Texas, will decline

Oil Explorers Expand U.S. Drilling Rigs for Third Week

August 10, 2015

  Drillers added more rigs in U.S. oilfields for the third straight week as the industry takes advantage of lower costs to boost output. Rigs targeting oil in the U.S. rose by six to 670, Baker Hughes said on its website Aug. 7. They rose by five in the prior week.  The Permian

Nigeria to Lose Billions Without Oil Sales Reform

August 4, 2015

BY ANDY HOFFMAN, BLOOMBERG NEWS Nigeria must urgently reform the way it sells oil to prevent Africa’s biggest crude producer losing billions of dollars of revenue, according to a new report. The approach of the national oil company, Nigerian National Petroleum Corp., “suffers from high corruption risks and fails to

Unsated by Glut, Asian Oil Buyers Size Up Iran’s Oil

July 28, 2015

BY HEESU LEE AND DEBJIT CHAKRABORTY, BLOOMBERG NEWS Asian oil buyers, already sucking in barrels from as far away as Alaska and Mexico, are anticipating more bargains when Iran finally returns to world markets. The region’s refiners are poised to be the winners as the Persian Gulf state raises overseas

Oil Explorers Expand Drilling Rigs Amid Crude Bear Market

July 27, 2015

  U.S. oil explorers put rigs back to work for the third time in four weeks as the industry began a tentative climb out of its retreat from shale drilling amid a bear market for crude. Rigs targeting oil in the U.S. rose 21 to 659, Baker Hughes Inc. said on

Lobbying Grows in Debate Over U.S. Oil Export Ban

July 24, 2015

BY LAURA LITVAN AND BRIAN WINGFIELD, BLOOMBERG NEWS Lobbying over whether to scrap the four-decade-old U.S. ban on exporting crude oil has almost doubled as proponents push to build momentum toward a showdown likely to come sometime after the 2016 election. The number of companies and groups trying to influence

China’s Crude Stockpiles Fall Amid Record Refining

July 23, 2015

BY BLOOMBERG NEWS China’s crude stockpiles fell to the lowest level in a year as refinery demand surged to a record. Commercially held inventories dropped by 2.1 percent in June from the previous month, according to China Oil, Gas & Petrochemicals, a newsletter published by the official Xinhua News Agency.