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Oil Buyers Guide

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.

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