Citgo, U.S. Crude Oil Production: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

CRUDE OIL
U.S. Could Start Buying Oil for Reserve After June Sale - U.S. Energy Secretary Jennifer Granholm told lawmakers on Thursday her department could start repurchasing oil for the Strategic Petroleum Reserve (SPR) after completing a congressionally mandated sale next month. "That congressionally mandated sale of 26 million barrels will be completed by June, and it's at that point where we will flip the switch and then seek to purchase," Granholm told lawmakers in a hearing in the U.S. House of Representatives. The Biden administration last year conducted the largest-ever sale from the SPR of 180 million barrels. That and other sales last year have pushed the level of the reserve to about 372 million barrels, the lowest since 1983. (Reuters)

PRODUCTION
EIA: U.S. Oil Output to Rise 5% in 2023 - The U.S. Energy Information Administration (EIA) forecast U.S. crude oil production will rise about 5% in 2023, while fuel demand will increase 1%, and cut its estimates for Brent and U.S. crude oil prices. U.S. crude oil production will rise 5.1% to 12.53 million barrels per day (BBL/d) in 2023 and 1.3% to 12.69 million BBL/d in 2024, the EIA said in its Short-Term Energy Outlook. Total petroleum consumption is due to rise nearly 1% to 20.5 million BBL/d in 2023, and 1.4% to 20.8 million BBL/d in 2024, the EIA said. (Reuters)

EARNINGS REPORTS
Citgo Posts $937 Million First-Quarter Profit - Refiner Citgo Petroleum Corporation (Houston, Texas) has reported first-quarter 2023 net profit of $937 million on firm motor fuel demand, refining output and margins. The profit, compared with $245 million in the same period last year, continued a string of solid earnings by the firm, which operates oil refineries in Texas, Louisiana and Illinois. (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).