U.S. Crude Oil Stocks, Nigeria's Dangote Refinery: 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. Purchases 2 Million Barrels of Oil for Strategic Reserve - The U.S. bought 2.1 million barrels of crude oil, the Energy Department said on Tuesday, to help replenish the Strategic Petroleum Reserve (SPR) after the largest sale in history last year. The department said it bought the oil, for delivery in February, for an average of $74.23 a barrel, below the average of $95 a barrel that oil sold for in 2022. The administration of President Joe Biden had conducted sales last year, including a record one of 180 million barrels, to help control oil prices after Russia invaded Ukraine. The U.S has now purchased about 11 million barrels for replenishment after last year's sales. About 4 million barrels also are coming back to the SPR by February as oil companies return oil that had been loaned to them through a swap. (Reuters)

U.S. Crude Oil, Fuel Stocks Rise - U.S. crude oil, gasoline and distillate inventories rose last week, the U.S. Energy Information Administration (EIA) said on Wednesday. Crude oil inventories rose by 2.9 million barrels in the week ending December 15 to 443.7 million barrels. Gasoline stocks rose by 2.7 million barrels to 226.7 million barrels. Distillate stockpiles rose by 1.5 million barrels in the week to 115 million barrels, the EIA said. The EIA also said U.S. crude output rose to a record 13.3 million barrels per day (BBL/d) last week, up from the prior all-time high of 13.2 million BBL/d. (Reuters)

REFINING
Nigeria's New Dangote Refinery Receives Crude Oil Cargo in Startup Preparations - Nigeria's new $19 billion Dangote oil refinery has received 1 million barrels of oil from Nigerian National Petroleum Corporation Limited (Abuja, Nigeria), its second crude cargo this month, as it steps up preparations to begin operations, a Dangote spokesperson said on Wednesday. The refinery is years behind schedule, but its operations are expected to turn Africa's largest oil producer into a net exporter of fuels, a long-sought goal for the OPEC member that almost totally relies on fuel imports. Another 3 million barrels were expected before month end, the spokesperson added. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Project Database can click here for related project reports. (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).