Chevron, U.S. Shale Oil & Oil Production: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

CRUDE OIL
U.S. to Sell 26 Million Barrels from Strategic Reserve - The Biden administration said on Monday it is selling 26 million barrels of crude oil from the Strategic Petroleum Reserve, a release that had been mandated by Congress in previous years. The sale will likely temporarily push the reserve below its current level of about 372 million barrels, the lowest level since 1983. The department had considered cancelling the fiscal year 2023 sale of the 26 million barrels after the Biden administration last year sold a record 180 million barrels from the reserve, but such a cancellation would have required Congress to act. (Reuters)

PRODUCTION
U.S. Shale Oil, Gas Production to Reach Record Highs in March - U.S. crude oil and natural gas production from the seven biggest shale basins is expected to rise to record highs in March, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday. Crude production in the shale basins will rise by about 75,000 barrels per day (BBL/d) in March to a record 9.36 million BBL/d, the EIA projected. Total natural gas output in the big shale basins will increase by about 0.4 billion cubic feet per day (Bcf/d) to a record 96.6 Bcf/d in March, the EIA forecast. (Reuters)

CORPORATE
Chevron to Sell Myanmar Assets, Exit Country - Chevron (NYSE:CVX) (San Ramon, California) on Friday said it had agreed to sell its assets in Myanmar to Canadian company MTI Energy (Edmonton, Alberta) in a deal that allows it to leave the Asian country. The agreement comes one year after Chevron and other oil companies decided to leave Myanmar following a military coup in 2021. Chevron has condemned human rights abuses in the country. (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).