94
IRAN Energy News Agency 📬 Office: Unit 32. No 26. Dr Mossadegh St. Mirdamad St. Tehran. Iran ☎️ Tel: +98-2126413997 https://en.iranenergy.news
Chinese Automakers Eye Opportunity in Central Asia
After wrapping up the political section of his recent working trip to China, Uzbekistan’s President Shavkat Mirziyoyev took the long way home from Beijing by passing through the southern city of Shenzen. He traveled there to visit the headquarters of leading Chinese automaker BYD, which has just overtaken Elon Musk’s Tesla as the world’s best-seller…
https://en.energytoday.ir/chinese-automakers-eye-opportunity-in-central-asia/
Aramco Says It will not Increase Oil Production beyond 12m Barrels per Day
Saudi Arabia’s energy ministry instructed the oil giant to increase production to 13 million barrels per day on Tuesday. Saudi Arabia’s oil giant Saudi Aramco said on Tuesday that it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country’s energy ministry.…
https://en.energytoday.ir/aramco-says-it-will-not-increase-oil-production-beyond-12m-barrels-per-day/
China to Refill Oil Reserves Following 2023 Drawdown
It's not just the US that is in desperate need of refilling its strategic oil reserve after Biden drained it to score some quick political points ahead of the 2022 midterms. China also needs to refill its oil tanks after steadily drawing on those stockpiles for much of 2023... but like in the US, don’t…
https://en.energytoday.ir/china-to-refill-oil-reserves-following-2023-drawdown/
IEA Projects Stronger Gas Demand despite Geopolitical Uncertainty
Growth in global gas demand is set to pick up this year due to colder winter temperatures and easing prices, with emerging economies leading the increase in consumption, but geopolitical risks and supply-side concerns could trigger renewed price volatility, according to the IEA’s latest Gas Market Report. In 2023, global gas demand rose by just…
https://en.energytoday.ir/iea-projects-stronger-gas-demand-despite-geopolitical-uncertainty/
Russia Cuts LNG Exports due to Sanctions
Sibur, Russia’s largest petrochemical company and exporter of liquefied petroleum gas (LNG), is cutting fuel exports from the Baltic port of Ust-Luga due to a shortage of gas tankers amid Western sanctions. According to Ukrinform, Reuters reports this with reference to industry sources. It is noted that the reduction in supplies further undermines Russian fuel…
https://en.energytoday.ir/russia-cuts-lng-exports-due-to-sanctions/
Iraqi Oil Exports Exceed $8 bn in December
The Ministry of Oil announced on Sunday that the total oil exports and achieved financial revenues for last December surpassed $8 billion, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO). In a statement today, the ministry reported that the quantity of crude oil exports reached 108,056,590 barrels, generating revenues of…
https://en.energytoday.ir/iraqi-oil-exports-exceed-8-bn-in-december/
Saudi Aramco Ramps up Oil and Oil Product Transportation through Red Sea
The Saudi Arabian Oil Group (Aramco), the world's largest oil company, will continue to ship oil and fuel through the southern Red Sea, Trend reports. "We are navigating through the Red Sea with our oil and oil product cargoes, we find the associated risks manageable," the company’s spokesman said. Aramco's decision stands in contrast to…
https://en.energytoday.ir/saudi-aramco-ramps-up-oil-and-oil-product-transportation-through-red-sea/
Libya Eyes Oil Comeback despite Political Divide
Over the last decade, Libya has struggled to get its oil industry back on track due to political disruptions and a lack of foreign investment in the sector. Years of political unrest drove foreign investors out of the market, leaving many oil operations to sit untouched for years and driving oil output down. Achieving high…
https://en.energytoday.ir/libya-eyes-oil-comeback-despite-political-divide/
Basra Crude Records Weekly Gains with Global Oil Price Increase
Basra crude experienced weekly gains as global oil prices increased for the fourth consecutive week. Basra Heavy crude closed its last session with a rise of 1.45 cents, reaching $77.61. It recorded weekly gains of $4.3, equivalent to 5.87%. Basra Intermediate crude closed its last session with an increase of 1.45, reaching $80.84, and posted…
https://en.energytoday.ir/basra-crude-records-weekly-gains-with-global-oil-price-increase/
Biden Administration Halts Approvals of New LNG Export Projects
The Biden Administration said on Friday it is pausing all pending decisions on U.S. LNG export projects until the Department of Energy can update the underlying analyses for authorizations. The move was hailed as a “historic win” by environmentalists and slammed as “a win for Russia” by the U.S. oil lobby. During the temporary pause…
https://en.energytoday.ir/biden-administration-halts-approvals-of-new-lng-export-projects/
Red Sea Shipping Crisis Rekindles Inflation Fears
The Houthi attacks on commercial shipping in the Red Sea have forced many tanker and container ship operators to reroute voyages via Africa, which has increased travel times, delayed goods delivery, disrupted supply chains, and raised shipping costs. The disruption to traffic via the Red Sea/Suez Canal route could continue for months and ultimately result…
https://en.energytoday.ir/red-sea-shipping-crisis-rekindles-inflation-fears/
Oil Price up with Ongoing Middle East Tension
Both crude benchmarks continued to rally on Monday, with rising tension in the Middle East after the US and the UK carried out strikes on multiple Houthi targets in Yemen last week. The international benchmark crude Brent traded at $78.51 per barrel at 11 a.m. local time (0800 GMT), a 0.28% increase from the closing…
https://en.energytoday.ir/oil-price-up-with-ongoing-middle-east-tension/
TotalEnergies Takes Investment Decision on Gas Project
Managing Director and Country Chair, TotalEnergies Exploration and Production (E&P) Nigeria Limited, Matthieu Bouyer has said the company would take the final investment decision (FID) on the Ubeta gas project in 2024, while some other big projects would follow shortly. Bouyer made this disclosure when he led senior officials of the company to visit the…
https://en.energytoday.ir/totalenergies-takes-investment-decision-on-gas-project/
Copper’s Critical Role in Green Energy Transition
In the Autumn of 2023, the International Copper Study Group (ICSG) forecast that the copper market was likely to experience a significant surplus of the metal in 2024 after several companies worldwide ramped up their operations in response to the growing global demand. However, by the end of the year, updated forecasts suggested that copper…
https://en.energytoday.ir/coppers-critical-role-in-green-energy-transition/
Russia Sets New Record for Daily Gas Deliveries to China
The Russian energy giant Gazprom announced on Saturday that it set a new record for daily gas deliveries to China on Jan. 12. "The supply via the Power of Siberia gas pipeline has again exceeded the company's daily contractual obligations," the company said in a statement, without specifying how many hydrocarbons were supplied. Gazprom said…
https://en.energytoday.ir/russia-sets-new-record-for-daily-gas-deliveries-to-china/
U.S. Crude Oil could be Ripe for a Short Squeeze
Crude oil inventories at Cushing have dropped to their lowest level for this time of year in over a decade, suggesting that a short squeeze could be coming for the bearish portfolio managers who have amassed a lot of short positions in U.S. crude oil futures. The falling stocks at the hub providing the physical…
https://en.energytoday.ir/u-s-crude-oil-could-be-ripe-for-a-short-squeeze/
CNOOC Targets Continued Production Growth in Next 3 Years
China National Offshore Oil Corporation (CNOOC) is targeting net production of 700 million to 720 million barrels of oil equivalent (MMboe) in 2024. The production will be divided into 69 percent for China and 31 percent for overseas accounts, the state-owned oil company said in a recent news release. CNOOC reported 2023 net production of…
https://en.energytoday.ir/cnooc-targets-continued-production-growth-in-next-3-years/
Renewables & Nuclear Power to Drive Global Electricity Growth by 2026
All of the world's additional electricity demand over the next three years is expected to be met by low-emissions technologies, including renewables and nuclear power, as per the ‘Electricity 2024’ report by the International Energy Agency (IEA), which forecasts electricity market trends up to 2026. Global electricity demand, which saw a modest growth of 2.2…
https://en.energytoday.ir/renewables-nuclear-power-to-drive-global-electricity-growth-by-2026/
Are China’s Oil, Coal, and Iron Ore Imports a Sign of Strength or Concern?
News coming out of China indicates the country set new records in 2023 for the import of crude oil, coal, and iron ore. The revelation caught many by surprise, but analysts caution that this may not really signify a robust demand for these essential materials. Nor does it indicate that there has been any reversal…
https://en.energytoday.ir/are-chinas-oil-coal-and-iron-ore-imports-a-sign-of-strength-or-concern/
Red Sea Attack Blazes Oil Prices 1% Higher as Supply Fears Flare
Oil prices surged by 1% on Monday due to concerns over fuel supply following a missile attack on a Trafigura-operated fuel tanker in the Red Sea. Additionally, worries about a decline in Russian refined products intensified as several refineries are undergoing repairs following drone attacks. Brent crude futures experienced an 83-cent increase, reaching $84.38 per…
https://en.energytoday.ir/red-sea-attack-blazes-oil-prices-1-higher-as-supply-fears-flare/
Uzbekistan and China Eye $20 Billion in Bilateral Trade
Uzbekistan and China have set their sights on increasing their trade turnover to $20 billion “in the near future,” following high-level negotiations in Beijing on January 24 between Uzbek President Shavkat Mirziyoyev and Chinese leader Xi Jinping. Bilateral trade in 2023 hit the $14 billion mark. A statement on the Uzbek president’s website attributed this…
https://en.energytoday.ir/uzbekistan-and-china-eye-20-billion-in-bilateral-trade/
US Oil, Gas Drillers Add 1 More Rig as Production Plummets
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 1 to 621 this week, compared to 771 rigs this same time last year. The number of oil rigs rose by…
https://en.energytoday.ir/us-oil-gas-drillers-add-1-more-rig-as-production-plummets/
AI Boom could Slow U.S. Clean Grid Ambitions
Data centers, especially those powering AI technologies, have seen such explosive growth that they are taxing utilities beyond what soaring power demand is calling for. Some utilities in the eastern and southern parts of the U.S. are proposing build-outs of new natural gas-fired capacity alongside renewables to support the growth in electricity consumption coming from…
https://en.energytoday.ir/ai-boom-could-slow-u-s-clean-grid-ambitions/
China’s Record Solar Additions in 2023 Top Entire U.S. Solar Capacity
China installed a record-high solar power capacity last year, with additions in 2023 alone topping the current capacity of the entire U.S. solar fleet. China added as much as 216.9 gigawatts (GW) of solar power capacity in 2023 – a record high, obliterating its previous record of 87.4 GW of solar power additions 2022, according…
https://en.energytoday.ir/chinas-record-solar-additions-in-2023-top-entire-u-s-solar-capacity/
Russia Sees Alternative Gas Routes if Ukraine Transit Deal isn’t Extended
Russia could use alternative routes to send natural gas via pipeline to Europe if the current Russia-Ukraine gas transit deal is not extended beyond its expiry date at the end of 2024, Kremlin spokesman Dmitry Peskov said on Friday. Peskov, however, warned that there would be logistics changes along the supply chain of gas from…
https://en.energytoday.ir/russia-sees-alternative-gas-routes-if-ukraine-transit-deal-isnt-extended/
Offshore Oil is Booming with Vessel Markets Near all-Time High
The U.S. oil and gas sector has kicked off the new year on the backfoot with market sentiment as bearish as it was a year ago. Commodity analysts at Standard Chartered have reported that demand pessimism is once again dominating, with traders worried that oil demand will weaken in the U.S. and Europe. Part of…
https://en.energytoday.ir/offshore-oil-is-booming-with-vessel-markets-near-all-time-high/
Qatar Pauses LNG Shipments via Red Sea after US-led Airstrikes
Qatar appears to have paused sending liquefied natural gas tankers through the Bab el-Mandeb Strait after US-led airstrikes on Houthi targets in Yemen raised risks in the vital waterway. At least five LNG vessels operated by Qatar that were heading toward the passage at the southern end of the Red Sea have been halted since…
https://en.energytoday.ir/qatar-pauses-lng-shipments-via-red-sea-after-us-led-airstrikes/
Oil Declines as Tough Outlook Overshadows Middle East Tensions
Oil edged higher as the risk that airstrikes by the US and allies against the Houthis would ignite a wider conflict and disrupt crude flows from the Middle East was balanced by soft fundamentals. Brent crude rose toward $79 a barrel and West Texas Intermediate was near $73 after the US followed up the initial…
https://en.energytoday.ir/oil-declines-as-tough-outlook-overshadows-middle-east-tensions/
Norway to Boost Oil and Gas Exploration
Oil and gas companies plan to boost exploration activity and spending offshore Norway this year as Western Europe’s top oil and gas producer looks to maintain production and raise exports to the rest of Europe. Currently, most exploration efforts are focused on areas around existing infrastructure so discoveries can be tied back quickly and create…
https://en.energytoday.ir/norway-to-boost-oil-and-gas-exploration/
Iran to Invest $275 bln for Developing Oil, Gas Fields by 2041
The manager of the National Iranian Oil Company (NIOC) for planning affairs said the country is going to invest about $275 billion by 2041 for the development of the oil and gas fields. Speaking at the First Conference of Managers of the National Iranian Oil Company, Ahmad Rajabi stated that strategic plans have been defined…
https://en.energytoday.ir/iran-to-invest-275-bln-for-developing-oil-gas-fields-by-2041/