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IRAN Energy News Agency 📬 Office: Unit 32. No 26. Dr Mossadegh St. Mirdamad St. Tehran. Iran ☎️ Tel: +98-2126413997 https://en.iranenergy.news
U.S. Shatters Oil Production Records in 2023
The U.S. set a new annual oil production record on December 15, based on data from the Energy Information Administration. Although the official monthly numbers from the EIA won’t be released for a couple of months, we can calculate that a new record has been set based on the following analysis. For reference, the previous…
https://en.energytoday.ir/u-s-shatters-oil-production-records-in-2023/
Carbon Capture: A Crucial Tool or a Costly Distraction?
While experts are sceptical about carbon capture and storage (CCS) technology, it’s not stopping companies worldwide from investing heavily in the equipment as a means of decarbonisation. As oil and gas firms strive to continue pumping oil for so long as demand and national regulations permit, they must quickly find a way to decrease their…
https://en.energytoday.ir/carbon-capture-a-crucial-tool-or-a-costly-distraction/
OPEC Nations Affirm Commitment to Group after Angola’s Exit over Production Dispute
OPEC nations Iraq, Nigeria and the Republic of Congo affirmed their commitment to the oil-producer group following the exit of Angola last week. “We reiterate our firm support for unity and cohesion at the heart of OPEC and OPEC+,” Congo’s Minister of Hydrocarbons, Bruno Jean-Richard Itoua, said in a statement. “Each member, whether African or…
https://en.energytoday.ir/opec-nations-affirm-commitment-to-group-after-angolas-exit-over-production-dispute/
SOCAR Expands Influence in Caspian Basin with Equinor Deal
Equinor is exiting Azerbaijan by selling all its oil and gas assets there to Azeri state energy firm SOCAR, the Norwegian major said on Friday. For an undisclosed sum, Equinor will divest all its assets in Azerbaijan, which include a 7.27% non-operated interest in the huge Azeri Chirag Gunashli (ACG) oil fields in the Caspian…
https://en.energytoday.ir/socar-expands-influence-in-caspian-basin-with-equinor-deal/
Asia-Bound U.S. LNG Cargoes Avoid the Red Sea Route
Several cargoes of LNG loaded in recent days at U.S. export facilities and bound for Asia have changed course shortly after departing to avoid crossing the Red Sea, which has become theater of daily attacks on commercial vessels by the Iran-aligned Houthis from Yemen. Several vessels have indicated they would not transit the Suez Canal…
https://en.energytoday.ir/asia-bound-u-s-lng-cargoes-avoid-the-red-sea-route/
Over $1 bn in Non-Oil Goods Exported via Mehran Border
The head of Ilam Customs reported that more than two million tons of goods, valued at over $1.169 billion, were exported from Mehran Border Crossing in the first eight months of the current Iranian calendar year. Miragha Abdi conveyed in an interview with Mehr News Agency that over 500 truck drivers transport domestically manufactured products…
https://en.energytoday.ir/over-1-bn-in-non-oil-goods-exported-via-mehran-border/
China Steps up Shale Gas Exploration, Production
China's natural gas consumption hit an all-time high this weekend amid a cold wave that froze parts of the country. One of the biggest gas importers in the world, China must have felt its dependency on external supply particularly acutely this weekend. But it is working to change things, boosting domestic output and focusing on…
https://en.energytoday.ir/china-steps-up-shale-gas-exploration-production/
Challenging New Discoveries could Slow China’s Oil Production Growth
China could see its oil production growth taper off in the coming years as the recent new discoveries could prove challenging to develop while output at mature fields declines, according to analysts and forecasters. Since 2019, China has boosted its crude oil production every year, by around 2% per year, as the state-owned oil giants…
https://en.energytoday.ir/challenging-new-discoveries-could-slow-chinas-oil-production-growth/
Chinese Banks Lead $120 Billion Global Financing for Coal Projects
Chinese lenders arranged three-fourths of all the $120 billion in global financing for coal projects last year, new research from BloombergNEF showed on Wednesday. Chinese banks accounted for a massive 76%, or $93 billion, of the arranged financing for coal projects last year, followed by U.S. banks, which were at a distant second with $10…
https://en.energytoday.ir/chinese-banks-lead-120-billion-global-financing-for-coal-projects/
The Remarkable Rise of Qatar as a Diplomatic Powerhouse
Qatar remains by far the biggest exporter of liquefied natural gas (LNG) in the Middle East, and one of the top three in the world, together with the U.S. and Australia. Alongside this, though, since Russia’s invasion of Ukraine on 24 February 2022, it has accomplished something of a geopolitical miracle. It has overcome extraordinary…
https://en.energytoday.ir/the-remarkable-rise-of-qatar-as-a-diplomatic-powerhouse/
Adnoc Signs 15-Year LNG Supply Deal with China’s ENN Natural Gas
Adnoc has signed a 15-year agreement with ENN LNG, the Singapore subsidiary of China’s ENN Natural Gas, for the delivery of at least a million metric tonnes a year of liquefied natural gas. The LNG will primarily be sourced from Adnoc’s Ruwais LNG project in Abu Dhabi, with deliveries expected to start in 2028 after…
https://en.energytoday.ir/adnoc-signs-15-year-lng-supply-deal-with-chinas-enn-natural-gas/
EU Extends Emergency Natural Gas Price Cap through January 2025
The European Union’s energy ministers approved on Tuesday a plan to extend the emergency cap on natural gas prices for another year until the end of January 2025. The original cap on gas prices, the so-called “market correction mechanism,” was introduced at the end of last year to shield industry and households from excessive spikes…
https://en.energytoday.ir/eu-extends-emergency-natural-gas-price-cap-through-january-2025/
Russia Considering Increase of Oil Supply to Uzbekistan
Russia is working on the possibility of increasing exports of oil and petroleum products to Uzbekistan, Deputy Prime Minister Denis Manturov said, Trend reports. The remark was made during the meeting of the intergovernmental commission on economic cooperation between Russia and Uzbekistan. The official noted that, the Russia supports Uzbekistan's desire to develop its own…
https://en.energytoday.ir/russia-considering-increase-of-oil-supply-to-uzbekistan/
Exxon: EU Rules on Methane Curbs may Boost LNG Industry
New rules on curbing methane emissions in Europe’s energy sector may actually boost the case for liquefied natural gas and shouldn’t affect exports from the US. “All of the progress around emissions reduction is positive for the gas business,” Peter Clarke, senior vice president for global LNG at Exxon Mobil Corp., said at the Wood…
https://en.energytoday.ir/exxon-eu-rules-on-methane-curbs-may-boost-lng-industry/
Will Falling Oil Prices Lead to Deeper OPEC+ Cuts?
The bearish positioning of oil traders in recent weeks has led to a sell-off on the market as speculators reduced bullish bets amid resurfaced concerns about the global economy and oil demand. The bullish sentiment from September, when the market was focused on the OPEC+ supply cuts, gave way to a bearish mood in the…
https://en.energytoday.ir/will-falling-oil-prices-lead-to-deeper-opec-cuts/
Iran Expands Production Capacity in South Azadegan Oil Field
On Saturday, Iran decided to add 60 new wells to boost production capacity in the South Azadegan oil field, Iran's largest field, shared with its neighbor Iraq. The head of the National Iranian Oil Company (NIOC), Mohsen Khojasteh-Mehr, announced the news, adding that the southern Azadegan field's production capacity has seen a significant increase with…
https://en.energytoday.ir/iran-expands-production-capacity-in-south-azadegan-oil-field/
EIA: Iraqi Oil Exports to the US Declined Last Week
Iraqi oil exports to the United States declined during the week of December 16-22, according to the U.S. Energy Information Administration (EIA). The EIA's latest weekly data showed that U.S. imports of crude oil from Iraq averaged 22,000 barrels per day (b/d) during the week, down by 63,000 b/d from the previous week's average of…
https://en.energytoday.ir/eia-iraqi-oil-exports-to-the-us-declined-last-week/
Iran’s GDP Growth Stands at 4.7% in H1
Iran's gross domestic product (GDP) including oil grew 4.7 percent in the first half of the current Iranian calendar year (March 21 – September 22) compared to the same period last year, according to the Central Bank of Iran (CBI). Based on the CBI data, the figure was 3.6 percent excluding oil, IRNA reported. As…
https://en.energytoday.ir/irans-gdp-growth-stands-at-4-7-in-h1/
Russia to Cut Oil Exports from Sea Ports in January
Russia is planning to scale back oil exports from its sea ports next month by between 100,000 and 200,000 barrels per day compared to December levels, according to industry sources familiar with Russia’s export plans. The reason for the scaleback, the anonymous sources told Reuters, is increased throughput at its own refineries. Kpler pegged Russia’s…
https://en.energytoday.ir/russia-to-cut-oil-exports-from-sea-ports-in-january/
Oil Prices Steady before Holiday
Crude oil prices were trading slightly down on Friday afternoon, just hours before the weekend and the Christmas holiday, reasonably unaffected by Angola’s decision to quit OPEC. The price of a barrel of WTI was trading at $74.03, $0.07 down on the day, or a 0.09% dip. Last year, the Friday before Christmas saw WTI…
https://en.energytoday.ir/oil-prices-steady-before-holiday/
Russia’s LNG Export Plans Suffer Setbacks due to Sanctions
Potential contract cancellations for the construction of ice-class LNG carriers and U.S. sanctions on the latest Russian LNG export project could hamper Russia’s plans to boost LNG sales now that its pipeline route to Europe is largely cut off. There aren’t enough ice-class LNG tankers built to carry LNG from the Arctic LNG 2 project…
https://en.energytoday.ir/russias-lng-export-plans-suffer-setbacks-due-to-sanctions/
LNG Shipping Rates Slump on Lower Demand despite Red Sea Chaos
It’s getting cheaper — at least for now — to rent a liquefied natural gas tanker, despite turmoil in the Red Sea that is forcing some vessels to take longer and more costly routes. The slump in LNG shipping rates started in late November but accelerated this week, with prices in the Pacific basin tumbling…
https://en.energytoday.ir/lng-shipping-rates-slump-on-lower-demand-despite-red-sea-chaos/
5 Million Barrels of Russian Oil Stuck En Route to India
Nearly five million barrels of Sokol grade crude oil from Russia is languishing en route to Indian refiners, caught in a sanctions trap for a month, Bloomberg News reported on Wednesday. According to Bloomberg, citing tanker tracker data, one tanker, the NS Century, remains stuck near Sri Lanka due to U.S. Treasury Department sanctions on…
https://en.energytoday.ir/5-million-barrels-of-russian-oil-stuck-en-route-to-india/
EIA Reports Significant Build in Oil and Fuel Stocks
Crude oil prices moved lower today after the U.S. Energy Information Administration reported an estimated inventory increase of 2.9 million barrels for the week to December 15. This followed a weekly inventory decline of 4.3 million barrels for the previous week. The estimate also came out a day after the American Petroleum Institute reported its…
https://en.energytoday.ir/eia-reports-significant-build-in-oil-and-fuel-stocks/
Red Sea Attacks could Spark Spike in Gasoline Prices
Oil prices have spiked and could remain elevated as companies try and find alternative cargo routes following vessel attacks in the Red Sea. International benchmark Brent crude has shot up to $79.35/bbl as of this morning, having opened on Monday at $77.24/bbl. The attacks, which have been occurring daily since Monday, are believed to have…
https://en.energytoday.ir/red-sea-attacks-could-spark-spike-in-gasoline-prices/
Oil Surges amid Global Escalating Geopolitical Tensions
Oil prices ticked higher on Wednesday after rising more than 1% in the previous session on jitters over global trade disruption and geopolitical tensions in the Middle East following Houthi attacks on ships in the Red Sea. Brent crude futures edged up 6 cents, or 0.1%, to $79.29 a barrel by 0137 GMT while U.S.…
https://en.energytoday.ir/oil-surges-amid-global-escalating-geopolitical-tensions/
Germany Signs $55 Billion Natural Gas Deal with Equinor
Germany’s state-controlled firm Securing Energy for Europe (Sefe) and Equinor signed on Tuesday one of the biggest-ever natural supply deals for Norway’s energy giant worth an estimated $55 billion (50 billion euros). Equinor will supply Germany’s Sefe with around 10 billion cubic meters (bcm) of natural gas per year from January 1, 2024 until 2034,…
https://en.energytoday.ir/germany-signs-55-billion-natural-gas-deal-with-equinor/
Türkiye’s Natural Gas Demand Expected to Reach 53 bcm in 2024
Türkiye’s natural gas demand is expected to increase and reach around 53 billion cubic meters (bcm) in 2024, according to Yaşar Arslan, president of Türkiye’s Natural Gas Distribution Companies' Association (GAZBIR), on Sunday. Arslan told Anadolu Agency (AA) that natural gas consumption this year may remain below the 56 billion cubic meters level announced by…
https://en.energytoday.ir/turkiyes-natural-gas-demand-expected-to-reach-53-bcm-in-2024/
Is Ocean Thermal Energy the Future of Renewable Power?
Ocean thermal energy conversion (OTEC) is the oldest renewable energy technology you’ve never heard of. The idea for the technology, which exploits the differing temperatures in different layers of ocean water to create energy, is almost 150 years old, but is only now gaining traction for practical application. While OTEC will likely never take over…
https://en.energytoday.ir/is-ocean-thermal-energy-the-future-of-renewable-power/
Aramco Starts Unconventional Tight Gas Production at South Ghawar Field
Saudi Arabia’s national petroleum and natural gas company Aramco has started producing unconventional tight gas from its South Ghawar field in Al Hasa Province, 200km east of Riyadh. Aramco has started production two months ahead of schedule, which supports its strategy to increase gas production by more than half from 2021 levels, through 2030. The…
https://en.energytoday.ir/aramco-starts-unconventional-tight-gas-production-at-south-ghawar-field/