Refiners to borrow from oil reserve
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The federal government will lend oil to a handful of refiners from the nation&#39;s emergency stockpile to make up for a shortfall created by Hurricane Ivan&#39;s repeat visits to the Gulf of Mexico.
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OPEC&#39;s president said yesterday the United States should tap into its emergency petroleum reserve to help lower oil prices. &quot;We have asked [the United States] to use their oil reserves
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Two major oil companies and a small  Louisiana refiner are negotiating with the U.S. Department of  Energy to borrow crude from national emergency reserves as  crude producers in the Gulf of Mexico slowly recover from  Hurricane Ivan, sources said on Friday.
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Royal Dutch/Shell announced plans to boost spending on exploration and production while selling non-core assets, making the replacement of its missing reserves a priority in restoring battered investor confidence.
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On Wednesday, the Energy Department reported a 7.1-million barrel drawdown in oil supplies for the week ended Sept. 10. As of the latest report, oil supplies stood at a seven-month low.
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Crude oil futures were little changed after yesterday falling near a seven-week low on expectations an increase in imports and inventories will ensure US refiners have enough for winter heating oil production.
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LONDON, December 10  - The organization of petroleum exporting countries (OPEC) agreed today to withdraw one million barrels of surplus production over the set quota of 27 million barrels per day in an effort to check the recent decline
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With oil prices close to $50 a  barrel, the Bush administration is set to allow oil refineries  to borrow crude from the government's emergency petroleum  stockpile to make up for supplies disrupted by Hurricane Ivan,  a congressional source briefed on the pending decision told  Reuters on Thursday.
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Kuwait City - A power failure on Sunday affecting most of Kuwait forced a shutdown of the country&#39;s three oil refineries, which could take two or three days to restart, but the nation&#39;s energy minister said oil production would not be affected.
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VIENNA : Limited spare capacity means that the ability of oil producers to meet the sharpest rise in demand since the 1970s is likely to be severely tested, according to experts attending an OPEC-sponsored seminar in Vienna.
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Gas guzzlers could become relics of the past and farmers may rival oil companies in producing motor fuels under a new energy law. Consumers also will save electricity Â and money Â from more efficient refrigerators, furnaces and dishwashers.
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The US government is to let oil refineries borrow crude from its emergency stockpile to make up for supplies disrupted by Hurricane Ivan.
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The Bush administration announced Thursday it would provide US refineries with ``limited quantities&#39;&#39; of crude oil from the nation&#39;s emergency stockpile to help offset supply
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The Bush administration announced Thursday it would provide US refineries with &quot;limited quantities&quot; of crude oil from the nation&#39;s emergency stockpile to help offset supply
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NEW YORK, October 27  - The Organization of Petroleum Exporting Countries (OPEC) has asked the US government to release oil from its Strategic Petroleum Reserve (SPR) to help ease the rising oil prices.
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With oil prices close to &#36;50 a barrel, the Bush administration is set to allow oil refineries to borrow crude from the government's emergency petroleum stockpile to make up for supplies disrupted by Hurricane Ivan, a congressional source briefed on the pending decision told Reuters on Thursday.
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With oil near $50 a barrel, the Bush  administration said on Thursday it will negotiate with  refineries that want to borrow oil from the federal emergency  stockpile to offset supplies disrupted by Hurricane Ivan.