China Crude Oil Imports, YPF Shale Investment: 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.

PRODUCTION
U.S. Driller Cut Number of Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said in its closely followed report on Friday. The oil and gas rig count fell by seven to 622 in the week ending March 8, the lowest since February 16. Baker Hughes said U.S. oil rigs fell two to 504 last week, while gas fell four to 115, their biggest drop since November. (Reuters)

Argentina's YPF to Invest Big in Shale This Year - Argentina's national oil company YPF (NYSE:YPF) (Buenos Ares) on Thursday said it would invest US$3 billion of a US$5 billion capital spending plan this year in shale, as it looks to generate more cash by exiting some major conventional fields. Chief Executive Horacio Marin told analysts that by 2025, he expects shale oil output to reach 160,000 barrels per day (BBL/d) after boosting production 24% in 2024 and a further 35% the following year. By 2027, the company could produce some 250,000 BBL/d, he said. (Reuters)

CRUDE OIL
China's Year-to-Date Crude Oil Imports Up from Last Year - China's imports of crude oil rose in the first two months of the year compared with the same period in 2023, but they were also weaker than the preceding months, continuing a trend of softening purchases by the world's biggest buyer. Official customs data released on Thursday showed crude oil imports of 88.31 million metric tons in the January-February period, up 5.1% from the same period in 2023. However, on a barrels-per-day basis, the increase was only 3.3%, given the extra day this year in February for the leap year. (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).