U.S. Rig Count, Argentina Appeals Judgement, Russian Gasoline Exports: 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.

SOUTH AMERICA
Appeals Court Voids US$16.1 Billion Against Argentina Over YPF Seizure - A divided U.S. appeals court on Friday struck down a US$16.1 billion judgment against Argentina for seizing control of state-owned oil company YPF in 2012, a victory for Argentine President Javier Milei as he tries to stabilize the country's long-strained economy. In a 2-1 vote, the 2nd U.S. Circuit Court of Appeals in Manhattan said the plaintiffs' breach of contract claims failed as a matter of Argentine law, justifying a reversal. Argentina had been seeking to overturn the damages awarded in September 2023 by a lower court judge to former YPF shareholders for alleged losses tied to YPF's nationalization. The US$16.1 billion judgment represented 45% of Argentina's total budget in 2024, and the country has said it could cripple its economy. (Reuters)

RUSSIA
Russia to Introduce Gasoline Export Ban - Russian Deputy Prime Minister Alexander Novak on Friday instructed the energy ministry to draft a resolution banning gasoline exports from April 1, the Russian government said. The state-run TASS news agency reported that the ban would remain in place until July 31. (Reuters)

PRODUCTION
U.S. Drillers Cut Rigs for Second Week - U.S. energy firms last week cut the number of oil and natural gas rigs operating for a second week in a row for the first time since mid-January, energy services firm Baker Hughes reported on Friday. The oil and gas rig count fell by nine to 543 in the week ending March 27, the lowest since the week of January 16. Baker Hughes said oil rigs fell by five to 409 last week, their lowest since the week of February 27, while gas rigs fell by four to 127, their lowest since the week of January 30. (Reuters)

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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 Resources
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).