Occidental Petroleum, Aramco Discoveries: 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
U.S. Crude Oil Stocks Rise - U.S. crude oil stockpiles rose last week as imports increased and exports fell to their lowest since January, while gasoline and distillate inventories drew down, the U.S. Energy Information Administration (EIA) said on Wednesday. Crude oil inventories rose by 2.6 million barrels to 442.3 million barrels in the week ending April 4, the EIA said. Net U.S. crude imports rose last week by 360,000 barrels per day (BBL/d) to slightly less than 3 million BBL/d as exports fell 637,000 BBL/d to 3.2 million BBL/d, the data showed. Gasoline stocks fell by 1.6 million barrels in the week to 236 million barrels. Distillate stockpiles fell by 3.5 million barrels in the week to 111.1 million barrels, the EIA said. (Reuters)

PRODUCTION
Occidental Flags Higher Oil & Gas Prices in First Quarter - U.S. shale firm Occidental Petroleum Corporation (NYSE:OXY) (Houston, Texas) said on Wednesday the prices it received for oil and gas production during the first quarter were higher than in the preceding three months. Occidental said its average realized price for oil output was $71.07 per barrel, compared to $69.73 per barrel it realized during the last quarter of 2024. Meanwhile, its average realized price for total natural gas production rose to $2.30 per thousand cubic feet (Mcf) from $1.26 per Mcf during the quarter ended December 31. (Reuters)

Saudi Arabia Discovers 14 New Oil & Gas Fields with Small Volumes - Saudi oil firm Aramco (Dhahran, Saudi Arabia) has discovered 14 oil and natural gas fields and reservoirs in the kingdom's Eastern Region and the Empty Quarter, state news agency SPA said on Wednesday, containing small volumes. The six fields and two reservoirs were found to have Arabian oil of different grades totaling 8,126 BBL/d, according to Reuters calculations based on the announcement. The natural gas discoveries from two fields and four reservoirs totaled 80.5 million cubic feet per day, the calculations show. Associated gas from the oil fields and reservoirs added up to 2.11 million cubic feet per day. (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).