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Oil and Gas Oil and Gas Refining

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  • LONDON, March 31- OPEC oil supply has jumped in March to its highest since October as Iraq's exports rebounded after bad weather and Saudi Arabia pumped at close to record rates, a Reuters survey found, a sign key members are sticking to their effort to regain market share. OPEC supply has risen in March to 30.63 million barrels per day from a revised 30.07 million...

  • *Oil imports from Iran at 220,000 bpd in year to March 31. *U.S. pressured India not to raise annual Iran oil imports. NEW DELHI, March 31- India halted oil imports from Iran for the first time in at least a decade in March as New Delhi responded to U.S. pressure to keep its shipments from Tehran within sanction limits during the last month of negotiations on a preliminary...

  • *FACTBOX on Iran oil sanctions. DUBAI/ NEW DELHI/ HONG KONG, March 31- A possible surge in Iranian oil exports from an end to sanctions will reboot a struggle between top Middle East producers for Asian buyers, with Iraq looking the most vulnerable. Under sanctions Iran became adept at offering discounts, easy credit and free shipping to keep in the game, recalling...

  • NEW YORK, March 31- A month ago, it seemed inevitable: a massive global oversupply of crude oil production would overwhelm storage tanks in Oklahoma and fill supertankers off Singapore. Now, there are growing signs that the U.S. oil market can avoid the doomsday scenario in which it runs out of room to stockpile surplus crude, a development that oil traders worried...

  • LONDON, March 30- India has bought the first oil for its strategic petroleum reserve, trade sources said on Monday, marking the start of a round of purchases by the world's fourth-biggest oil consumer to build up emergency stockpiles. The sources said state-refiner Indian Oil Corp bought a 2 million barrel cargo of Iraqi crude from Chinese trader Unipec, which...

  • *More price falls seen as U.S. stocks are sold off- Barclays. LONDON, March 30- Oil prices fell on Monday as officials from Iran and six world powers discussed a possible deal over Tehran's nuclear programme that could bring an end to sanctions and allow an increase in Iranian oil exports. "Regarding Iran, there are two possible outcomes: a framework deal or an extended...

  • Chevron exits Caltex Australia stake for $3.7 bln Friday, 27 Mar 2015 | 10:35 PM ET

    PERTH, March 28- U.S. energy giant Chevron sold its entire stake in refiner Caltex Australia Ltd for A $4.7 billion in Asia's biggest block deal this year, as falling oil prices and high costs hurt margins. Offshore institutional investor demand for the 50 percent stake in Australia's biggest refiner was strong, with bidding driving the final price to A $35 a share,...

  • HONG KONG/ SYDNEY, March 27- U.S. energy firm Chevron is seeking to sell its entire stake in Caltex Australia Ltd for about A $4.6 billion, exiting Australia's biggest refiner after nearly 40 years as falling oil prices and high costs hurt margins. A successful sale of Chevron's 50 percent stake, which the company is offering at a discount to market prices, would make...

  • HOUSTON, March 26- Motiva Enterprises said on Thursday that operations at its Convent and Norco, Louisiana, refineries will be integrated to take advantage of increased production of lower-cost U.S. shale oil. Gas oil produced by the Convent refinery will go to the expanded hydrocracker and 112,000 bpd catalytic cracking unit at the Norco plant.

  • COLUMN-Yemen fuels short-covering rally in oil: Kemp Thursday, 26 Mar 2015 | 9:04 AM ET

    LONDON, March 26- Air strikes by Saudi Arabia and its allies in Yemen have sparked a modest rise in oil prices of $3 per barrel, even though Yemen plays a marginal role in the global oil market. Yemen produces just 130,000 barrels per day, according to the U.S. Energy Information Administration, about 0.1 percent of global production and the same as Italy or Kansas.

  • 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...