Bloomberg Major oil producers will rely on acquisitions for about half their reserve replacement in the future after cutting exploration budgets to weather the crude-price collapse, according to Wood Mackenzie Ltd. Big oil companies are no longer trying to replace all their production through conventional exploration, the energy consulting company said in a report published on Tuesday. “Now their ...

  Bloomberg Oil declined on speculation a global glut will be sustained amid rising supply from Nigeria to the U.S. Futures fell 0.6 percent in New York after advancing 0.6 percent on Monday. Nigeria’s output expanded to 1.75 million barrels a day and will keep rising after government outreach and a cease-fire with militants allowed some production to restart, Minister ...

  Bloomberg Saudi Arabia’s oil exports climbed in July to a record level for that month, as the kingdom curbed the amount of crude it burns to generate energy domestically, according to the Joint Oil Data Initiative. The world’s biggest oil producer raised shipments by 166,000 barrels a day to 7.622 million a day in July compared with the previous ...