U.S. Crude Oil Inventories, SPR Replenishment: 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 Inventories Increase - The U.S. Energy Information Administration (EIA) reported that U.S. crude oil inventories increased 1.357mn barrels for the week ending August 9. Analysts expected a 2 million-barrel draw. Gasoline inventories dropped 2.894 million barrels last week, with a 1.673 million-barrel decrease in distillates. (EIA)

U.S. Aims to Further Replenish SPR in 2025 - The U.S. is slowly replenishing the Strategic Petroleum Reserve (SPR), planning to buy back more oil in the first several months of next year, after the largest ever sale from the stockpile in 2022. The U.S. aims to buy 2 million barrels a month of domestically produced sour crude, or oil with relatively high sulfur content, from January through March 2025. It is to be stored at the SPR's Bryan Mound site in Texas, one of the facility's four sites and one that recently completed maintenance work. (Reuters)

PRODUCTION
Iraq Signs Off on 13 Exploration Deals, Seeking Focus on Natural Gas - Iraq has signed initial deals for 13 oil and gas exploration blocks and fields, the country's oil ministry said on Wednesday, adding the agreements could increase output by 750,000 barrels of crude oil and 850 million standard cubic feet of gas. Iraq wanted this licensing round--the country's sixth--in particular to increase output of natural gas, which it wants to use to fire power plants that rely heavily on gas imported from Iran, Iraqi oil officials said. (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).