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Oil and Gas Refining

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  • HOUSTON, March 25- Striking workers at Tesoro Corp's Martinez, California, refinery have ratified a new contract, ending a 52- day strike at that plant, the United Steelworkers union said on Wednesday. USW members at the Martinez refinery were the last of three Tesoro groups to approve the contract based on a tentative national agreement reached between the...

  • NEW YORK, March 25- U.S. crude inventories soared last week to extend their record build into the eleventh consecutive week as stocks at the Cushing, Oklahoma, delivery hub also hit another peak, data from the Energy Information Administration showed on Wednesday. But the EIA noted in a report released earlier this week that capacity additions at Cushing meant...

  • RIYADH, March 24- Stronger-than-expected global oil demand should help support crude prices at around $55- $60 a barrel in the next two months despite some signs of a growing glut in the United States, a senior Gulf OPEC delegate told Reuters on Tuesday. Low oil prices may have encouraged demand to pick up particularly in the United States but also in Asia, the Gulf...

  • SINGAPORE, March 24- Oil prices dropped on Tuesday after activity in China's factory sector fell to an 11- month low and as Saudi Arabia said its production was close to an all-time high. That followed an overnight report that Saudi Arabia, OPEC's biggest producer, was now pumping around 10 million barrels of crude oil per day, a near all-time high and some 350,000...

  • SINGAPORE, March 24- Oil prices edged lower in early Asian trade on Tuesday after activity in China's factory sector fell to an 11- month low, stoking worries over the strength of the world's No.2 economy. Brent crude oil futures were trading down 11 cents at $55.81 a barrel at 0215 GMT. Worries over slowing growth in China's economy have contributed to a global...

  • *Larger volumes flows to U.S., Asia, Europe. Iraq, Venezuela, Russia and Kazakhstan all saw their oil partially replaced by Saudi crude in Asia, the United States and even Europe, with its lackluster demand, as traders said the kingdom offered customers more oil, and more cheaply. Gary Ross, the founder and executive chairman of PIRA, the first consultancy to predict...

  • HONG KONG, March 23- Asia's largest refiner, Sinopec Corp, said on Monday it expects prolonged weakness in global oil prices, forcing it to cut spending and turn more cautious about acquisitions. It will take a very, very long time for international crude prices to rise back to $100 a barrel, "its chairman Fu Chengyu told reporters at the company's results briefing.

  • RIO DE JANEIRO, March 20- Brazil's state-run Petrobras said on Friday it shut its P-58 offshore oil production ship after the country's petroleum regulator ANP found irregularities on board the vessel, one of the company's most important offshore production systems. The shutdown comes a little more than a month after a deadly explosion on a Petrobras...

  • DUBAI/ KHOBAR, Saudi Arabia, March 20- As the global energy industry stares transfixed at a spectacular drop in U.S. rigs, Saudi Arabia is ramping up the number of machines drilling for oil and gas despite a sharp fall in the price of crude. Industry sources and analysts say the OPEC kingpin is looking beyond the halving of global oil prices since June 2014 to a time...

  • LONDON, March 18- Brent oil prices fell towards $53 a barrel on Wednesday on oversupply concerns as U.S. crude stocks hit a new record high, according to government data. Brent for May delivery was down 36 cents at $53.26 per barrel by 1440 GMT after ending the previous session up 7 cents. "The crude oil inventory rise is too big a factor to ignore at this point, and...

  • *China pauses build-up of strategic reserves. LONDON, March 18- Brent oil prices fell below $53 a barrel on Wednesday on oversupply concerns as industry data indicated U.S. crude stocks had hit a new record high. Brent for May delivery was down 70 cents at $52.82 per barrel by 1305 GMT after ending the previous session up 7 cents.

  • Saudi crude exports up in January to 7.47 mln bpd - data Wednesday, 18 Mar 2015 | 7:02 AM ET

    DUBAI, March 18- Crude oil exports from Saudi Arabia rose in January to their highest level since April last year, while volumes used by domestic refineries remained high, official data showed on Wednesday. Saudi Oil Minister Ali al-Naimi has said oil demand was growing and expected oil prices, which hit a near six-year low in January, to stabilize.

  • HOUSTON, March 16- A tentative national agreement to end a six-week strike at twelve U.S. refineries has struggled to win ratification at eight plants as workers and companies struggle to settle local issues, according to union officials. The deal reached on Thursday by the United Steelworkers and lead industry negotiator Royal Dutch Shell Plc to end the...

  • In West Texas, engineers activated a new pipeline that cuts diagonally across the state to deliver crude from the oil-rich Permian Basin to refineries near Houston. And in a string of towns in Kansas, Iowa and South Dakota, local government officials are scrutinizing the path of pipeline extensions that would pass nearby. The pipeline build-out provides a...

  • *Talks could bring an end to sanctions on Iran. LONDON, March 13- Oil fell towards $56 a barrel on Friday after the International Energy Agency said that a global oil glut is building and U.S. oil production shows no signs of slowing. While OPEC output declined in February, global supply was up by 1.3 million barrels per day year on year at 94 million bpd, led by a 1.4...

  • *Talks could bring an end to sanctions on Iran. LONDON, March 13- Oil fell below $57 a barrel on Friday after the International Energy Agency said that a global oil glut is building and U.S. oil production shows no signs of slowing. While OPEC output declined in February, global supply was up by 1.3 million barrels per day year on year at 94 million bpd, led by a 1.4 million...

  • UPDATE 4-Oil slips under $57 as IEA sees bigger glut Friday, 13 Mar 2015 | 6:51 AM ET

    *Tentative deal to end of U.S. refinery strike. LONDON, March 13- Brent crude oil fell below $57 a barrel on Friday after the International Energy Agency said a global oil glut was building and U.S. oil production showed no signs of slowing. Brent for April was down 50 cents at $56.58 by 1040 GMT.

  • LONDON, March 13- Oil prices might have stabilized only temporarily because the global oil glut is worsening and U.S. production shows no sign of slowing, the International Energy Agency said on Friday. The West's energy watchdog said the United States may soon run out of spare capacity to store crude, which would put additional downward pressure on prices.

  • *Tentative deal to end of U.S. refinery strike. LONDON, March 13- Brent crude oil slipped under $57 a barrel on Friday after the West's energy watchdog said a global oil glut was building as U.S. oil production showed no signs of slowing. "The market will be more balanced in the second half, but there is still a massive oversupply in the first half," said Barbara Lambrecht,...

  • *End of 40- day U.S. refinery walkout may support prices- analyst. Asian investors were also mulling the impact from a tentative deal that would end a strike by U.S. refinery workers. Brent for April delivery was trading up 6 cents at $57.14 by 0624 GMT after ending the previous session down 46 cents.