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Oil Buyers Guide

Oman Oil Trader Seeks U.S., Africa Footholds

June 30, 2015

BY ANTHONY DIPAOLA, BLOOMBERG NEWS Oman, the largest oil producer in the Middle East outside of OPEC, plans to buy, lease or build fuel-storage tanks in East Africa to boost sales on the continent and open a U.S. office to trade refined products and Latin American crude. Oman Trading International intends

Norway Dims Hopes of Help for Struggling Oil Drillers

June 29, 2015

BY MIKAEL HOLTER, BLOOMBERG NEWS Norway damped expectations of a lifeline for its struggling oil drillers by saying the companies should have prepared for hard times when crude prices were high. “It’s been pretty hot in the rig market for a long time,” Petroleum and Energy Minister Tord Lien said Monday in

Shipments to Central America Fall by 50 Percent Last Week

June 23, 2015

Central America saw a 50 percent fall in crude shipments from the U.S. Gulf last week to 397,597 metric tonnes from 790,953 metric tonnes. Mexico also registered a drop. Crude shipments from the U.S. Gulf totaled 3.02 million metric tonnes last week, according to IHS data compiled by Bloomberg. That’s a drop

Longest Oil Glut in at Least Three Decades Looms

June 16, 2015

BY GRANT SMITH The world is on the brink of the longest-lasting oil glut in at least three decades and OPEC’s quest for market share makes it almost unavoidable. Oil supply has exceeded demand globally for the past five quarters, already the most enduring glut since the 1997 Asian economic

Cushing Oil Stocks Fell by 1.1 Million Barrels Last Week, Bloomberg Model Suggests

June 9, 2015

Bloomberg’s storage model suggests crude inventory levels at the Cushing, Oklahoma, storage hub fell by 1.1 million barrels for the week ended June 5. The draw would bring inventories to 57.9 million. Stocks stood at 59 million for the week ended May 29, according to the Energy Information Administration. Bloomberg’s proprietary

Iran Vows More Oil Exports After OPEC Meeting

June 8, 2015

BY HASHEM KALANTARI AND SHARON CHO Iran’s pledge to sell more crude signals that OPEC members will continue pumping above the group’s production target, exacerbating the global surplus. Iran can double oil exports within six months if international sanctions are lifted, state-run Islamic Republic News Agency reported, citing Mehdi Asali, the

U.S. Crude Exports Add to Global Glut

June 4, 2015

BY LYNN DOAN For a nation that bans most oil exports, the U.S. still finds a way to ship more abroad than at least two OPEC members. The shale oil-rich nation exported more than half a million barrels a day in April, the most since at least 1920, and more

OPEC Is Winning the Oil Price War

June 2, 2015

As OPEC ministers meet in Vienna this week they’ll be debating whether the strategy that’s upended oil markets is working.The last time OPEC met,in November, it jolted markets by leaving production unchanged instead of staunching a glut by trimming output. Prices collapsed to the lowest in six years. OPEC said

Speculators Temper Wagers Before OPEC Meeting

June 1, 2015

BY MARK SHENK Speculators retreated from both bullish and bearish wagers on crude-oil prices before OPEC ministers meet to determine their output for the next six months. With bearish bets on West Texas Intermediate falling at a faster pace than bullish holdings, the net-long position rose for the first time

Alberta Fires Cut Canadian Natural Oil Sands Output

May 26, 2015

BY ROBERT TUTTLE Canadian Natural Resources Ltd. reduced production from its Kirby South oil-sands operation in Alberta, raising the amount of production brought offline because of a nearby forest fire to 233,000 barrels a day. The out-of-control fire near Lac La Biche was discovered on Saturday and covered 8,200 hectares (20,260