U.S. Power Use, Citgo: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

POWER
EIA: U.S. Power Use to Slide in 2023 - U.S. power consumption will ease in 2023 as slower economic growth and milder weather depress usage from the record high hit in 2022, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will slide from a record 4,048 billion kilowatt-hours (kWh) in 2022 to 3,999 billion kWh in 2023, before rising to 4,065 billion kWh in 2024 as economic growth ramps up. (Reuters)

EARNINGS REPORTS
Refiner Citgo Reports Record Earnings for 2022 - Refiner Citgo Petroleum Corporation (Houston, Texas) on Thursday reported record net profit of $2.8 billion for 2022 on strong motor fuel demand, high margins and refining output that exceeded its plants' listed capacity. The company reported a loss of $160 million last year. Fourth-quarter net profit was $806 million, compared with $21 million in the same period a year ago. (Reuters)

ASIA
India's February Fuel Demand Hits Record High - India's fuel demand hit its highest level in at least 24 years in February, data showed on Thursday, with industrial activity in Asia's third-biggest economy boosted by cheap Russian oil. Consumption of fuel, a proxy for oil demand, rose by more than 5% to 4.82 million barrels per day in February, its 15th consecutive year-on-year rise, data showed. Demand was the highest recorded in data compiled by the Indian Oil Ministry's Petroleum Planning and Analysis Cell going back to 1998. (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).