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Oil Buyers Guide

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.

Intra-America Shipments Dip as U.S. Gulf Exports Less Oil Product

July 21, 2015

Shipments of oil and refined products from the U.S. Gulf Coast dipped last week to 3.15 million metric tonnes compared with 3.5 million the week before, according to ship tracking data compiled by Bloomberg. Shipments of oil within North America fell the most. Last week 18 ships took oil and

History Shows Iran Could Surprise the Oil Market

July 20, 2015

BY JAVIER BLAS, BLOOMBERG NEWS Iran could restore oil production halted by sanctions faster than anyone anticipates if the history of previous shutdowns is any guide. The consensus among analysts and traders is that Tehran needs at least a year after sanctions are lifted to raise output to the level

U.S. Fuel Exports to South America and Africa Down, Mexico Up

July 7, 2015

Fuel shipments to Mexico from the U.S. Gulf doubled to 694,395 metric tonnes last week, while shipments to Africa and South America dropped 73 percent and 58 percent, respectively, according to IHS data compiled by Bloomberg. Shipments to Africa totaled 65,289 metric tonnes while South America received just 347,502 metric

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