U.S. Crude Oil Stocks, Italy Coal Phase-Out: 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 inventories rose for a sixth week in a row, building by 1.4 million barrels to 448.5 million barrels in the week ending March 1, data from the U.S. Energy Information Administration (EIA) showed on Wednesday. Gasoline stocks fell by 4.5 million barrels in the week to 239.7 million barrels, the EIA said. Distillate stockpiles fell by 4.1 million barrels in the week to 117 million barrels. (Reuters)

POWER
Italy to Phase Out Coal from 2025 - Italy is committed to stopping electricity generation from coal by the end of 2025 nationwide except on the island of Sardinia, the energy minister told parliament on Wednesday adding the government would boost natural gas-fired plants instead. "The intermediate target of abandoning coal in the electricity generation mix as of December 31, 2025 ... is very close. The updated (National Climate and Energy) Plan will certainly confirm it," Minister Gilberto Pichetto Fratin said. On Sardinia, however, the use of coal to produce electricity will end only between 2026 and 2028, Pichetto said. (Reuters)

ENVIRONMENTAL
IEA: Global Energy-Related CO2 Emissions Hit Record in 2023 - Global energy-related emissions of carbon dioxide (CO2) hit a record high last year, driven partly by increased fossil fuel use in countries where droughts hampered hydropower production, International Energy Agency (IEA) said last week. Global emissions from energy rose by 410 million tonnes, or 1.1%, in 2023 to 37.4 billion tonnes, the IEA analysis showed. (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).