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Oil and Gas Oil and Gas Refining

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  • *Greece not able to repay 1.6 bln euros owed to IMF. *OPEC, U.S. output rises to multi-year highs. SINGAPORE, July 1- Oil prices fell over 1 percent on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund, and as both U.S. and OPEC production hit new records.

  • HOUSTON, June 30- Exxon Mobil Corp plans to resume the restart of the 42,000 barrels per day flexicoker at its 560,500 bpd Baytown, Texas, refinery on Tuesday night, people familiar with plant operations said. The restart of the flexicoker, which has been shut since April 23, was put on hold on Monday after a fire broke out on a bleeder valve at the unit, according to a...

  • *OPEC, U.S. output rises to multi-year highs. SINGAPORE, July 1- Oil prices fell on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund and as both U.S. and OPEC production hit new records. "Iraqi crude production climbed to a record level this month, with OPEC crude oil output estimated to have reached...

  • Oil prices drop after Greece defaults on IMF payment Tuesday, 30 Jun 2015 | 8:46 PM ET

    *Greece not able to repay 1.6 bln euros owed to IMF. SINGAPORE, July 1- Oil prices fell in early trading on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund. Greece, as expected, was not able to repay 1.6 billion euros it owed to the IMF, in what was the largest missed payment in the Fund's history.

  • *Iraq exports hit record despite Baghdad, KRG tension. LONDON, June 30- OPEC oil supply in June has climbed to a three-year high due to record or near-record output from Iraq and Saudi Arabia, a Reuters survey found, underlining the focus of the group's top exporters on market share. OPEC supply has risen in June to 31.60 million bpd from a revised 31.30 million bpd in...

  • *Jan-May imports from Iran slightly over 1 mln bpd. A deal between Iran and six world powers would resolve a 12- year standoff over the Islamic nation's nuclear work in exchange for relief from sanctions, which could eventually send millions of barrels flooding into an already saturated market. Iran, the United States, Britain, France, Germany, Russia and China...

  • LONDON, June 26- The initial consumption stimulus from lower oil prices may be fading, at least in the United States, according to the latest round of official data on traffic volumes and fuel sales. Average gasoline prices across the country have risen to $2.90 per gallon, still down from $3.78 last June but substantially higher than the recent low of $2.23 in...

  • VOLGOGRAD, Russia, June 25- Russia's second-biggest oil producer, Lukoil, launched on Thursday a new, six-million-tonne crude distillation unit at its Volgograd refinery in the south of Russia. The company said the plant's annual capacity would increase to 14.5 million tonnes after the launch. The plant is expected to process 12.5 million tonnes of crude this...

  • *Greece debt crisis concerns build amid uncertainties over Iran. "It could ultimately turn out be a choppy day from the push-and-pull between crude and products," said Tariq Zahir, an oil bear at Tyche Capital Advisors in Laurel Hollow in New York. "The focus will likely turn to Greece and the Iran nuclear deadline in an attempt to break out of the trading range we've...

  • *Front month U.S. crude fell 22 cents to $59.39 a barrel as of 0021 GMT after dropping 84 cents in the previous session. *Iranian foreign minister Mohammad Javad Zarif will meet French counterpart Laurent Fabius on Monday ahead of a final round of talks between Iran and six world powers before a June 30 deadline for an agreement on Tehran's nuclear programme.

  • CARACAS, June 21- Venezuelan state oil company PDVSA said on Sunday it had signed a raft of investment agreements with top Russian oil producer Rosneft, including a plan to create a joint venture to produce natural gas in the South American country. The "Strategic Plan for Investments" also includes development of new infrastructure to improve the existing oil...

  • June 18- PBF Energy Inc agreed to pay $322 million to acquire the 189,000- barrel-per-day Chalmette oil refinery in Louisiana and related assets from Exxon Mobil Corp and Venezuela's national oil company, Petroleos de Venezuela SA. The purchase marks PBF's entrance into the U.S. Gulf Coast, where it had lost out on a bid in 2011 for Texas City Refinery, then owned...

  • WASHINGTON, June 18- U.S. lawmakers will grill the nation's environmental regulator over its handling of a controversial renewable fuels program at a hearing on Thursday, the first since new biofuels targets provoked a furor among corn farmers and oil refiners. But many experts say a major legislative overhaul, which would need approval in Congress, is...

  • SEOUL, June 18- Oil prices slipped on Thursday after U.S. government data showed that gasoline stocks and distillate inventories rose last week, although the falls were checked by continuing Middle East geopolitical tensions and a weaker U.S. dollar. July crude lost 32 cents to $59.60 a barrel as of 0338 GMT after falling 5 cents in the previous session.

  • UPDATE 1-Oil prices dip on U.S. gasoline stock build Wednesday, 17 Jun 2015 | 9:52 PM ET

    SEOUL, June 18- Oil prices slipped on Thursday after U.S. government data showed that gasoline stocks and distillate inventories rose last week, although falls were checked by continuing Middle East geopolitical tensions. July crude edged down 16 cents at $59.76 a barrel as of 0140 GMT after falling 5 cents in the previous session. Brent August crude shed 8 cents...

  • NEW YORK, June 17- Magellan Midstream Partners LP, one of the ten largest U.S. oil pipeline companies, is considering opening an oil trading operation for the first time to enter a business that generates hundreds of millions of dollars a year for some of its rivals. Magellan may hire traders and acquire other assets related its existing pipeline and oil storage...

  • "The Fed again cited international concerns and the lower growth, opening the door for delaying the expected rate hike and keeping liquidity boosted," said Phil Flynn, an analyst at Price Futures Group in Chicago. Brent August crude rose 17 cents to settle at $63.87, having swung from $62.60 to $65.47 and ending back below its 50- day moving average of $64.16.

  • *Concerns about Greece debt crisis, impact on Europe weigh on oil. "The decline in refinery utilization is also bearish for crude oil price, since any diminution in demand will cause the recent trend of crude oil inventory declines to reverse," said John Kilduff, partner at Again Capital LLC in New York. Brent August crude was down 90 cents at $62.80 a barrel, having...

  • Roaring gasoline puts Europe's refiners in driving seat Wednesday, 17 Jun 2015 | 12:29 PM ET

    LONDON, June 17- There's rarely been a better time to produce gasoline. Already, the margins or so-called cracks have surpassed $25 per barrel in Europe, their highest since 2007.. But with Asian demand "nothing short of phenomenal," according to Energy Aspects, cargoes from Europe have had their choice of outlets, virtually around the globe.

  • *Diesel demand hit as China's heavy industry, coal mining slows. BEIJING/ SINGAPORE, June 17- Diesel has found an unexpected ally in the growing legion of delivery trucks spawned by China's rapidly expanding e-commerce, forestalling any drop in the country's consumption of the fuel as the economy shifts its focus away from manufacturing. In a sign of China's...