LONDON (ShareCast) - (ShareCast News) - French oil and gas company Total said more than a quarter of its petrol stations across France have either partially or completely run out of fuel after striking French oil workers sparked a wave of panic buying in some regions.
The country's CGT and FO unions have begun a 24-hour strike as their resolve against labour-market reforms stiffened. The rolling strikes, which began in March, have accelerated and disrupted fuel supplies since Friday, Reuters reported

Today, they included a 24-hour strike at the Fos-Lavera oil terminals, along with a blockade of a fuel depot in port-city Marseille.

Total said 612 (27.8%) of its 2200 petrol stations across France had either partially or completely ran out of fuel, the news agency reported.

Total has started the process of shutting down three refineries -- at Normandy, Donges and Feyzin. Its Grandpuits refinery was at minimum output. Total operates five of the eight refineries in France.

Exxon Mobil said the industrial action had not hurt output at its two refineries, but added that strikers had blockaded the Fos-sur-Mer oil terminal in Southern France, the news agency said.

Oil sector workers in the CGT and FO unions said they planned to intensify their actions until such time as the government withdrew a labour reform law, which they say would hurt workers.

A similar prolonged strike in 2010 at French refineries resulted in a glut of crude in Europe, primarily because it could not be delivered, and a spike in refined product prices due to low output.

At 14:51 BST, West Texas Intermediate crude was trading down 1.71% to $47.58 a barrel, while Brent was lower 1.79% to $47.85 a barrel.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE