Chevron, Pemex: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CRUDE OIL
Trump Axes Chevron's Venezuelan Oil License - U.S. President Donald Trump on Wednesday said he was reversing a license given to Chevron Corporation (NYSE:CVX) (San Ramon, California) to operate in Venezuela by his predecessor Joe Biden more than two years ago, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns. In a post on Truth Social, Trump said he was "reversing the concessions" of the "oil transaction agreement, dated November 26, 2022." Trump did not name Chevron in his comments, but Washington granted Chevron a license to operate in Venezuela's oil sector on November 26, 2022. It was the only license that the administration issued for Venezuela that day. It was not immediately clear what would happen with cargoes of Venezuelan crude oil currently navigating to U.S. ports or about to depart from Venezuela through the end of the month. (Reuters)

Pemex Crude Oil Exports Plummet in January - Crude oil exports by Mexican state energy company Pemex (Mexico City) plunged 44% year-on-year in January to 532,404 barrels per day (BBL/d), its lowest in decades, official numbers show, as the company has admitted it is struggling with the quality of its oil. The monthly level is the lowest since records in their current form began in January 1990. Last year, exports averaged slightly more than 811,000 BBL/d and the year before just over 1 million BBL/d. (Reuters)

U.S. Crude Oil Stockpiles Fall - U.S. crude oil stockpiles fell unexpectedly last week as refining activity ticked higher, while gasoline and distillate inventories posted surprise builds, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 2.3 million barrels to 430.2 million barrels in the week ending February 21, the EIA said. Refinery crude runs rose by 317,000 BBL/d last week, while utilization rates increased by 1.6 percentage points to 86.5% of total capacity. Gasoline stocks rose by 400,000 barrels in the week to 248.3 million barrels, the EIA said. Distillate stockpiles rose by 3.9 million barrels in the week to 120.5 million barrels, the EIA data showed. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).