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

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Energy Market highlights gathered by Industrial Info and IIR Energy

PRODUCTION
EIA: U.S. Oil Output to Rise to Record in July - U.S. oil output from top shale-producing regions is due to rise to the highest on record in July, but the size of the increase is expected to be the smallest since December, U.S. Energy Information Administration (EIA) data showed on Monday. U.S. oil output is expected to rise to 9.38 million barrels per day in July, the EIA data showed. Output is due to rise by about 0.1% versus the previous month, which would be the smallest monthly gain since production was seen falling in December, the data showed. (Reuters)

POWER
Italy Must Add 190 GW of Renewable Energy by 2035 to Meet G7 Pledge - Italy needs to add 190 gigawatts (GW) of renewable energy capacity by 2035 if it wants to meet a G7 pledge to reach a close to net-zero power system in the next decade, climate change think-tank ECCO (Rome, Italy) and consultancy firm Artelys (Paris, France) said. The Italian power system is still heavily dependent on fossil resources, as more than 50% of electricity in the country is generated by burning natural gas, oil or coal. ECCO and Artelys calculated that by 2035, Italy will have to get to a total of about 250 GW of renewable capacity to achieve an overwhelmingly decarbonized electricity sector. (Reuters)

CRUDE OIL
Oil Prices Settle Down 4% - Oil prices fell by about $3 a barrel on Monday after analysts highlighted rising global supplies and concerns about demand growth just ahead of key inflation data and a U.S. Federal Reserve meeting later this week. Brent crude oil futures fell $2.95, or 3.9%, to settle at $71.84 a barrel, their lowest since December 2021. West Texas Intermediate crude oil fell $3.05, or 4.4%, to settle at $67.12 a barrel. (Reuters)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

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).