U.S. Rig Count, Sanctioned Sinopec Terminal, U.S. Power Consumption: 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.

PRODUCTION
U.S. Drillers Cut Rigs for First Time in Six Weeks - U.S. energy firms last week cut the number of oil and natural gas rigs operating, the first reduction in six weeks, energy services firm Baker Hughes reported. The oil and gas rig count fell by two to 547 in the week ending October 10. Baker Hughes said oil rigs fell by four to 418 last week, while gas rigs rose by two to 120, their highest since August. (Reuters)

GOVERNMENT
Latest Round of Sanctions for Iranian Oil Purchases Hits China Refinery, Sinopec - The U.S. imposed sanctions on about 100 individuals, entities and vessels, including a Chinese independent refinery and terminal, that helped Iran's oil and petrochemicals trade, the administration of President Donald Trump said on Thursday. The Treasury Department sanctioned the Shandong Jincheng Petrochemical Group (Maqiao, China), which the department said is an independent teapot refinery in Shandong Province that has purchased millions of barrels of Iranian oil since 2023. Subscribers to Industrial Info's Global Market Intelligence (GMI) Plant Database can click here for the plant profile.

Rizhao Shihua Crude Oil Terminal Co. Ltd. (Rizhao, China), half-owned by a Sinopec logistics unit, also was among the entities listed by the U.S. Treasury in the round of sanctions that also includes ships transporting Iranian crude oil and liquefied petroleum gas. Sinopec handles one-fifth of its crude oil imports through the Rizhao terminal, industry executives and analysts said. Subscribers to Industrial Info's Terminals Plant Database can click here for the plant profile. (Reuters)

POWER
EIA: U.S. Power Use to Hit Record Highs in 2025, 2026 - U.S. power consumption will hit record highs in 2025 and 2026, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook last week. The EIA projected power demand will rise to 4,191 billion kilowatt-hours (kWh) in 2025 and 4,305 billion kWh in 2026, up from a record 4,097 billion kWh in 2024. Those demand increases come in part from data centers dedicated to artificial intelligence and cryptocurrency and as homes and businesses use more electricity and less fossil fuel for heat and transportation. (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
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).