Oil Buyers Guide

Low Oil Prices Crank Up Pressure on OPEC

November 19, 2015

BY CHRISTOPHER SELL, BLOOMBERG BRIEF EDITOR The OPEC basket price fell under $40 a barrel for the first time since 2009 on Nov. 13, increasing the financial strain on the group. Since November 2014, OPEC has adopted a policy of maintaining production to defend its market share and pressure higher-cost

Oil Service Firms Deepen Job Cuts as No Rebound Yet

October 23, 2015

BY DAVID WETHE, BLOOMBERG NEWS Oil service companies are starting a third round of job cuts as hopes fade for a recovery in the global crude market this year. Weatherford International is tripling its previously announced round of job cuts to 3,000. Baker Hughes is letting go of another 3,700

Special Edition: The Future of LNG

October 16, 2015

The world is on the brink of a new era for natural gas and the U.S. is about to step into the limelight, making its debut as a global supplier in the next few months. This special issue of Bloomberg Brief analyzes LNG supply and demand fundamentals, breaks down which North American export

Oil Slide Means ‘Almost Everything’ for Sale: IHS

October 14, 2015

BY AARON CLARK AND STEPHEN STAPCZYNSKI, BLOOMBERG NEWS More than $200 billion worth of oil and natural gas assets are for sale globally as companies come under renewed financial pressure from the prolonged commodity price rout, according to IHS. There are about 400 buying opportunities as of September, IHS Chief

Oil Drillers Hunker Down for More Pain

October 7, 2015

BY RAKTEEM KATAKEY, JAVIER BLAS AND GRANT SMITH, BLOOMBERG NEWS A year after oil sank into a bear market, the industry is still hunkering down for a long period of low prices, with Europe’s biggest producer seeing only the first glimpses of a recovery. In the past five months, U.S.

Jim Rogers Says Oil Rebound Could Be Near

October 2, 2015

BY JONATHAN BURGOS, BLOOMBERG NEWS Oil’s holding near $45 while the bad news keeps coming. For investor Jim Rogers, that’s usually a sign a rebound’s round the corner. OPEC is still pumping near record amounts of oil, China’s imports have slowed and U.S. crude stockpiles remain about 100 million barrels

China’s Deluge Deepens ‘Ocean of Diesel’

September 24, 2015

BY BLOOMBERG NEWS Add diesel to the commodities flooding global markets from China. The nation exported a record volume of the fuel last month after already shipping unprecedented amounts of steel and aluminum overseas. The weakest economic growth since 1990 is sapping domestic demand for commodities, while refineries, mills and

Goldman Sees 15 Years of Weak Crude as $20 Oil Nears

September 17, 2015

BY ROBERT TUTTLE, BLOOMBERG NEWS A glut of crude may keep oil prices low for the next 15 years, according to Goldman Sachs Group. There’s less than a 50 percent chance that prices will drop to $20 a barrel, most likely when refineries shut in October or March for maintenance,

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.