Chevron, Permian Oil Output: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

PRODUCTION
EIA: Permian Oil Output Forecast to Hit Record in April - Oil output in the Permian in Texas and New Mexico is due to rise 70,000 barrels per day (BBL/d) to a record 5.208 million BBL/d in April, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday. Total output in the major U.S. shale oil basins will rise 117,000 BBL/d to 8.708 million BBL/d in April, the most since March 2020, the EIA projected. (Reuters)

CRUDE OIL
Oil Falls on Russia-Ukraine Talk Hopes - Oil prices fell more than 5% on Monday to the lowest in nearly two weeks amid hopes for progress toward a diplomatic end to Russia's invasion of Ukraine--a development that would boost global supplies. Brent futures fell $5.77, or 5.1%, to settle at $106.90 a barrel, while U.S. West Texas Intermediate (WTI) crude oil fell $6.32, or 5.8%, to settle at $103.01. (Reuters)

CORPORATE
Reuters: Chevron Set to Trade Venezuelan Oil If U.S. Relaxes Sanctions - Chevron Corporation (NYSE:CVX) (San Ramon, California) is preparing to take operating control of its joint ventures in Venezuela if Washington relaxes sanctions on the country to boost crude oil supplies after banning Russia's oil imports, three people familiar with the situation told Reuters. The company has begun assembling a trading team to market oil from Venezuela, two of the people said. If U.S. approvals are received, Chevron aims to expand its role in the four joint ventures it shares with state-run company PDVSA, they added. (Reuters)

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Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on LinkedIn.