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Oil Buyers Guide

U.S. Gulf Facing Oil Flood From Midwest as Glut Grows

March 3, 2015

BY DAN MURTAUGH The flood of oil inundating the U.S. Midwest is about to cascade down to the Gulf Coast. Bulging inventories at tanks in Cushing, Oklahoma, the country’s biggest storage hub and delivery point for U.S. benchmark futures, has made oil there the cheapest in more than a year

Oil Rebound to $100 Unlikely: BlackRock

February 24, 2015

BY ANGELINA RASCOUET Oil prices are unlikely to go back to $100 a barrel because new technology is driving down the cost of production, said Larry Fink, CEO and co founder of BlackRock. “This is an oil shock that was supply-driven and the supply was created by new technology,” Fink said in an

Declining Share to China Drives Asia OSPs to Record Lows

February 17, 2015

If you want to get a clearer picture why Saudi Arabia is desperate to retain its market share in Asia, consider this chart. Saudi shipments to China, the world’s second-largest buyer of crude, fell to 15 percent of the nation’s oil imports in 2014 from 21 percent in 2011, according to China customs data. Saudi Arabia’s annual

IEA Sees Slower Oil Demand Growth Despite Price Fall

February 10, 2015

JULIAN LEE, BLOOMBERG OIL STRATEGIST The IEA has turned conventional economic logic on its head with a global oil demand forecast to grow more slowly in 2014-2017 than previously thought, despite a 50 percent drop in crude price. The latest medium-term outlook shows world oil demand growing by 3.3 million barrels a day from 2014 to 2017.

Oil Buyer’s Guide 2015 Outlook

February 3, 2015

What’s Inside:- Bloomberg Oil Strategist Julian Lee on how OPEC is facing years, not months, of low prices.- Bloomberg Commodities Business Manager Megha Goel on how the U.S. shale revolution is putting the squeeze on OPEC.- Guest commentary by Chatham House Associate Fellow Valerie Marcel on how geopolitics in the

Saudi May Cut OSPs to Asia to Regain Market Share

February 3, 2015

BY SHARON CHO AND WINNIE ZHU The world’s biggest crude exporter may offer bigger discounts to ship cargoes to Asia for March, according to a Bloomberg survey of 13 refiners and traders. The OSP differential for Arab Light to Asia may widen by $1 a barrel, a median estimate of eight respondents showed.

Saudis Won’t ‘Singlehandedly’ Balance Market: Aramco

January 27, 2015

BY ANTHONY DIPAOLA AND GLEN CAREY Saudi Arabia won’t balance global crude markets on its own even as prices fall to levels that are “too low for everybody” and threaten investment needed to meet long-term demand, the head of Saudi Arabian Oil Co. said. Saudi Arabia, the world’s biggest oil exporter, has the

Iran Sees ‘No Threat’ From $25 Oil as Prices Slide

January 20, 2015

BY HASHEM KALANTARI AND GOLNAR MOTEVALLI OPEC has no immediate plan to cut its output target for crude, and Iran is strong enough to withstand a deeper slump in prices even if the country must sell at $25 a barrel, Oil Minister Bijan Namdar Zanganeh said.“If the oil prices drop to $25

Oil Plunge Has U.S. Production Rising at Lowest Rate in 9 Months

January 13, 2015

  Oil production from the seven most prolific U.S. fields will expand in February by the slowest rate in nine months as drillers cut spending in response to the lowest crude prices in 5 1/2 years, a U.S. government forecast shows. The seven regions, which account for 95 percent of the nation’s supply growth, will produce 5.52 million

Saudi Arabia Raises Price of Main Oil Grade for Asian Buyers

January 6, 2015

Saudi Arabia raised the cost of its oil sales to Asia in February, prompting speculation the world’s biggest exporter is retreating from using record price discounts to defend market share. Saudi Arabian Oil Co. will sell its Arab Light grade for $1.40 a barrel less than a regional average next month, the company said today in a