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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
Turkmenistan and India Talk over TAPI Project Chores
Turkmenistan and India discussed the implementation of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, Trend reports. These issues were discussed between President of Turkmenistan Serdar Berdimuhamedov and newly appointed Ambassador Extraordinary and Plenipotentiary of India to Turkmenistan Madhumita Hazarika Bhagat. During the meeting, the parties noted the importance for all participating countries of the project for…
https://en.energytoday.ir/turkmenistan-and-india-talk-over-tapi-project-chores/
Equinor Signs 15-Year LNG Supply Deal with Indian Firm
Equinor has signed a 15-year agreement to supply LNG to India’s Deepak Fertilisers, which will use the gas mainly as a feedstock for ammonia production at a new plant, the Norwegian energy major said on Monday. Equinor is growing its LNG portfolio and will use the super-chilled fuel from its operated Hammerfest LNG export plant…
https://en.energytoday.ir/equinor-signs-15-year-lng-supply-deal-with-indian-firm/
Russian Rosneft Posts Nearly 50% Surge in Profits for 2023
Russian state-run oil company Rosneft has reported a nearly 50% jump in net profits for 2023, Reuters reports, hitting over $14 billion despite Western sanctions following Russia’s 2022 invasion of Ukraine. According to Reuters, Rosneft’s 2023 net profit surged by 47.2% to 1.3 trillion rubles–the equivalent of approximately $14.7 billion. Earnings before EBITDA jumped 17.8%…
https://en.energytoday.ir/russian-rosneft-posts-nearly-50-surge-in-profits-for-2023/
OPEC+ Sticks to Its Strategy to Reduce Output
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more than five million barrels per day (bpd) since the end of 2022. In 2022, Russia's invasion of Ukraine sent oil prices soaring to $140, raising earnings across the industry. In a statement following a meeting…
https://en.energytoday.ir/opec-sticks-to-its-strategy-to-reduce-output/
Iraq Reduced Its Oil Production by 130,000 bpd
Last month, OPEC reduced oil production as the group and its allies made fresh efforts to support prices and prevent a global surplus. According to a Bloomberg survey, OPEC decreased its daily oil production by 490,000 barrels last month to reach 26.57 million bpd. About half of the reduction came from Iraq and Kuwait. However,…
https://en.energytoday.ir/iraq-reduced-its-oil-production-by-130000-bpd/
Japan’s Gas Imports Plummet as Nuclear Reactors Restart
Japan’s liquefied natural gas imports for January fell to the lowest level for that month in over a decade, as nuclear reactor restarts, higher renewables output, and energy-savings efforts curb fossil-fuel needs. Deliveries fell to just shy of 6 million tons last month, according to ship-tracking data compiled by Bloomberg. That’s the lowest volume for…
https://en.energytoday.ir/japans-gas-imports-plummet-as-nuclear-reactors-restart/
French Unveil Large Hydrogen Carrier Design
A French quartet with huge gas expertise have unveiled a preliminary design of a 150,000 cu m liquefied hydrogen carrier. Unveiled at the Hyvolution Summit 2024 trade show in Paris, gas containment system specialist GTT, along with TotalEnergies, naval architect LMG Marin and Bureau Veritas have provided details of a joint development project, which resulted…
https://en.energytoday.ir/french-unveil-large-hydrogen-carrier-design/
OMV Sees German Gas Prices at EUR 30-35/MWh in 2024
Austrian energy company OMV expects German gas prices to average around EUR 30-35/MWh this year, down from EUR 41/MWh in the previous year, it said on Thursday. The front-month contract on Germany’s THE hub was last seen trading around EUR 30/MWh, roughly half of the value seen one year ago. Another mild winter and ample…
https://en.energytoday.ir/omv-sees-german-gas-prices-at-eur-30-35-mwh-in-2024/
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/
China’s Coal Expansion Starts to Slow down
The growth in coal power generation in China is beginning to slow down as regional authorities seek to redirect investments to low-carbon energy, Bloomberg reports. The report notes the continual increase in coal production and coal-powered generation in China over the past seven years, with generation reaching a record in 2023. At the same time,…
https://en.energytoday.ir/chinas-coal-expansion-starts-to-slow-down/
Qatar Set to Sign more LNG Supply Deals with Europe and Asia
QatarEnergy, the state giant of one of the world’s top liquefied natural gas exporters, expects to soon announce new LNG supply agreements with European and Asian buyers as it is working on the world’s largest LNG export capacity expansion. QatarEnergy could also sign additional agreements to welcome more partners in the joint ventures that will…
https://en.energytoday.ir/qatar-set-to-sign-more-lng-supply-deals-with-europe-and-asia/
Siemens, Samsung, Acwa in Race for 7.2GW Saudi Projects
Saudi Power Procurement Company (SPPC) has announced that a total of 21 top global utility project developers including Siemens, Samsung, GE, EDF, Korea's Kepco and Marubeni as well as regional heavyweights Acwa Power and Taqa have been prequalified for development of four power plants across the kingdom with a total capacity of 7,200MW. These are…
https://en.energytoday.ir/siemens-samsung-acwa-in-race-for-7-2gw-saudi-projects/
India Bets on Carbon Capture to Keep its Coal Sector Viable
India is set to launch a carbon capture policy that it says will allow it to keep exploiting its vast coal resources and deal with its growing emissions, according to to a top government energy adviser. The policy is expected to be unveiled later this year – should Prime Minister Narendra Modi’s government retain power…
https://en.energytoday.ir/india-bets-on-carbon-capture-to-keep-its-coal-sector-viable/
Eni to Build Third Biorefinery in Italy
Eni SPA said it is awaiting government clearance to begin construction of its third biofuel production plant in Italy, proposed to rise in the port city of Livorno. “The project, first announced in October 2022 and followed by an application for Environmental Impact Assessment in November 2022, is awaiting official authorizations and includes the construction…
https://en.energytoday.ir/eni-to-build-third-biorefinery-in-italy/
Oil Nudges Higher, Buoyed by Rate Cut Expectations
Oil prices edged up on Thursday, supported by signals from the U.S. Federal Reserve on a possible start to rate cuts and as China unveiled new support measures for its embattled property market. Brent crude futures inched up 5 cents to $80.60 a barrel and U.S. West Texas Intermediate crude futures gained 7 cents to…
https://en.energytoday.ir/oil-nudges-higher-buoyed-by-rate-cut-expectations/
Europe’s Largest LNG Terminal Signs 10-Year Deal for Algerian Natural Gas
The UK’s Grain LNG, Europe’s largest liquefied natural gas terminal, signed on Wednesday a ten-year agreement that will extend the long-term storage and redelivery capacity of Algerian gas company Sonatrach at the Grain LNG terminal from January 2029. Grain LNG, located on the Isle of Grain in Kent, is the biggest such terminal in Europe…
https://en.energytoday.ir/europes-largest-lng-terminal-signs-10-year-deal-for-algerian-natural-gas/
Reuters Survey Shows OPEC Output down in January
A Reuters survey shows OPEC’s oil production plunging for the month of January, registering the biggest drop in output since July last year. The survey lists new voluntary production cuts by some cartel members along with shut-in oil in Libya due to protests earlier in the month as the causes for the drop in output.…
https://en.energytoday.ir/reuters-survey-shows-opec-output-down-in-january/
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/