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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
IEA, OPEC Divergence on Oil Demand becomes Too Big to Ignore
Ever since the International Energy Agency switched from a pure-play information provider to an advocate of the energy transition, its forecasts about oil demand have shifted to increasingly reflect this advocacy. This has led to a growing divergence between the IEA's and OPEC's outlooks on the future of the commodity, increasing the risk of confusion…
https://en.energytoday.ir/iea-opec-divergence-on-oil-demand-becomes-too-big-to-ignore/
Big Oil Pursues African Expansion despite Challenges
Investments in new oil production have been stalling since about 2014. This has led many to suggest that higher prices for longer are on the cards, supported by anti-oil industry energy policies in key jurisdictions that are home to the largest private producers. Yet a case might be made that although lower, the oil industry's…
https://en.energytoday.ir/big-oil-pursues-african-expansion-despite-challenges/
Saudi Arabia Likely to Keep Oil Prices to Asia Unchanged
Saudi Arabia is expected to announce in a few days little changes to the price of its crude going to Asia in April, amid a rise in Middle Eastern oil benchmarks, a Reuters survey of refiners showed on Friday. Saudi Aramco, the world’s top crude oil exporter, is set to keep the price of its…
https://en.energytoday.ir/saudi-arabia-likely-to-keep-oil-prices-to-asia-unchanged/
Egypt Signs 7 Green Energy Deals with Global Developers
Egypt has signed seven memorandums of understanding (MoUs) with international developers and government entities in the fields of green hydrogen and renewable energy, the Egyptian State Information Service said Wednesday. Prime Minister Mostafa Madbouly and a number of ministers attended the signing ceremony for the agreements at the government headquarters in the new administrative capital,…
https://en.energytoday.ir/egypt-signs-7-green-energy-deals-with-global-developers/
Russia’s LNG Cargoes Bound for China Avoid the Red Sea
https://en.energytoday.ir/russias-lng-cargoes-bound-for-china-avoid-the-red-sea/
Russia’s next Nuclear Icebreaker will be Named “Leningrad”
https://en.energytoday.ir/russias-next-nuclear-icebreaker-will-be-named-leningrad/
BP to Invest $1.5 Billion in Egypt as Country’s Gas Output Falls
BP Plc plans to invest about $1.5 billion in Egypt during the next few years as it seeks to develop gas projects and drilling in the North African country. The spending, which will be net to BP, follows the London-based major's announcement earlier this month it will form a gas-focused joint venture in Egypt with…
https://en.energytoday.ir/bp-to-invest-1-5-billion-in-egypt-as-countrys-gas-output-falls/
Red Sea Crisis and OPEC+ Cuts Support Oil Prices
Brent Crude prices have held above $80 per barrel for most of February, with signs pointing to a tightening in the physical market as OPEC+ production cuts continue and the rerouting of cargoes away from the Red Sea and the Suez Canal drags on. European refiners are looking for Atlantic Basin cargoes as arrivals from…
https://en.energytoday.ir/red-sea-crisis-and-opec-cuts-support-oil-prices/
Researchers Create Ethylene from CO2
Engineers at the University of Cincinnati created a more efficient way of converting carbon dioxide into valuable products while simultaneously addressing climate change. The study paper has been published in the journal Nature Chemical Engineering. In his chemical engineering lab in UC’s College of Engineering and Applied Science, Associate Professor Jingjie Wu and his team…
https://en.energytoday.ir/researchers-create-ethylene-from-co2/
Qatar Extends North Field, Targets even more LNG Production
QatarEnergy (QE) will target 142 million tonnes per year of LNG production before 2030, up from its previous goal of 126mn tpy by 2027. QE president and CEO Saad Sherida Al-Kaabi, also the Minister of State for Energy Affairs, set out the plans for the expansion at a press conference in Doha on February 25.…
https://en.energytoday.ir/qatar-extends-north-field-targets-even-more-lng-production/
ExxonMobil’s Record Profits Defy Political Expectations
The oil industry has historically been politically conservative. In turn, Democratic politicians have often been hostile toward the industry. Nevertheless, oil companies have recorded some of their largest profits during Democratic administrations. For example, neither President Obama nor President Biden was cozy with the oil industry, but the industry profited enormously under both presidents. The…
https://en.energytoday.ir/exxonmobils-record-profits-defy-political-expectations/
At Saudi Aramco’s Jafurah Field, another 15 Trillion Standard Cubic Feet of Gas Reserves Proven
An additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco's Jafurah field, Energy Minister Prince Abdulaziz bin Salman said on Sunday. Reserves at Jafurah have reached 229 trillion cubic feet of gas and 75 billion barrels of condensates, Prince Abdulaziz said in a statement on state news…
https://en.energytoday.ir/at-saudi-aramcos-jafurah-field-another-15-trillion-standard-cubic-feet-of-gas-reserves-proven/
Shell Earned $2.4 Billion from LNG Trading in Q4
Shell earned $2.4 billion from LNG trading in the fourth quarter amid strong demand for the fuel ahead of the winter, with LNG trades contributing to almost a third of its Q4 adjusted earnings, Reuters reported on Friday, quoting sources close to the UK-based supermajor. The LNG trading profit for the final quarter of 2023…
https://en.energytoday.ir/shell-earned-2-4-billion-from-lng-trading-in-q4/
China LNG Buyers Turn to Spot Market with Prices at Three-Year Low
Chinese liquefied natural gas importers are hunting for cheap shipments from the spot market after prices fell to the lowest level since 2021. LNG buyers, including Shenzhen Energy Group and China Gas Holdings Ltd., are in talks with potential suppliers for additional cargoes for the next several months, according to traders with knowledge of the…
https://en.energytoday.ir/china-lng-buyers-turn-to-spot-market-with-prices-at-three-year-low/
China at Risk of Missing 2025 Climate Targets, Needs Steep CO2 Cuts
China is at risk of missing key climate targets for 2025 and needs to cut fossil fuel use and maintain record renewable energy investment to get back on track, a study published on Feb 22 shows. The country is the world’s top greenhouse gas polluter. Beijing has relied heavily on coal and oil to fuel…
https://en.energytoday.ir/china-at-risk-of-missing-2025-climate-targets-needs-steep-co2-cuts/
Indian Steelmaker Plans to Build Europe’s most Advanced Rail Mill
One of India’s fastest-growing steel companies JSW Steel, recently announced the next step in its growth plan. In a major steel news event, JSW Steel Italy SRL inked a memorandum of understanding (MoU) with the Italian government to re-start production operations at the Piombino plant via a €140 million investment. According to JSW Steel, the…
https://en.energytoday.ir/indian-steelmaker-plans-to-build-europes-most-advanced-rail-mill/
U.S. Remains World’s Largest Oil Producer for Sixth Year in a Row
The United States produced more crude oil than any other country in 2023, for the sixth year in a row, with production averaging 12.9 million barrels per day, up from 12.3 million bpd in 2019, which set a global record at the time, according to the Energy Information Administration (EIA). The U.S. also set a…
https://en.energytoday.ir/u-s-remains-worlds-largest-oil-producer-for-sixth-year-in-a-row/
Oil Prices Set to End the Week with a Minor Gain
Crude oil prices are set to end the week with a modest gain on expectations that OPEC+ will extend its production cap deal, tightening supply further. OPEC initially agreed to reduce combined supply by 2.2 million bpd over the first quarter of the year and meet in early March to decide whether it should extend…
https://en.energytoday.ir/oil-prices-set-to-end-the-week-with-a-minor-gain/
Ukraine Steel Giant Faces 31% Drop in Steel Production
Ukrainian metals and mining group Metinvest recently reported a 31% decrease year on year in its crude steel production for 2023, citing Russia’s ongoing invasion of the country. On February 16, the company announced its decision to halt steel manufacturing activities at its assets in Mariupol, Avdiivka, and Zaporizhzhia. This includes the Azovstal, Ilyich Steel,…
https://en.energytoday.ir/ukraine-steel-giant-faces-31-drop-in-steel-production/
Oil Prices Inch Higher as U.S. Crude Inventories Rise, OPEC+ Considers Extending Production Cuts
https://en.energytoday.ir/oil-prices-inch-higher-as-u-s-crude-inventories-rise-opec-considers-extending-production-cuts/
After Sweden, Denmark Ends Investigation into Nord Stream Pipeline Explosions
Denmark has ended its investigation concerning the explosions on the Nord Stream 1 and 2 gas pipelines that occurred in September 2022, becoming the second country to do so. Germany, Sweden and Denmark each initiated respective national investigations into the incident after four gas leaks were found on the Nord Stream 1 and 2 pipelines…
https://en.energytoday.ir/after-sweden-denmark-ends-investigation-into-nord-stream-pipeline-explosions/
Azerbaijan Eyes Increased Gas Exports to Europe with Support from U.S.
Azerbaijani Energy Minister Parviz Shahbazov visited Washington on February 20-21. He held meetings with senior U.S. officials and secured an agreement that could be a significant step towards boosting Azerbaijani gas exports to Europe. The sides "agreed to cooperate in the direction of US support for the expansion" of the Southern Gas corridor - the…
https://en.energytoday.ir/azerbaijan-eyes-increased-gas-exports-to-europe-with-support-from-u-s/
India Raises its Long-Term Power Demand Forecast
India has raised by 5% its previous projection for peak electricity demand in the financial year 2031-2032, due to surging demand last year that outpaced the government’s forecasts, sources with knowledge of the latest forecast told Bloomberg on Monday. In the FY 2031-2032, between April 2031 and March 2032, India expects to have electricity demand…
https://en.energytoday.ir/india-raises-its-long-term-power-demand-forecast/
Oil Declines with Strong Dollar Dragging Prices down
Oil prices drifted lower on Monday over strong US dollar pressure as investors await Thursday’s release of the Personal Consumption Expenditures (PCE) price index, the US Fed’s preferred measure of price fluctuations and an importance gauge in its next monetary policy decision. International benchmark Brent crude traded at $80.60 per barrel at 10.33 a.m. local…
https://en.energytoday.ir/oil-declines-with-strong-dollar-dragging-prices-down/
China’s Aluminum Sales to EU Plunge 30% Due to New Carbon Tariff
Earlier this week, the China Nonferrous Metals Industry Association reported a 30% decline in the volume of aluminum products exported from China to the European Union. Aluminum manufacturing analysts quickly pointed out that this most likely resulted from the bloc’s 2023 carbon border tariff. The EU’s Carbon Border Adjustment Mechanism (CBAM) represents a new way…
https://en.energytoday.ir/chinas-aluminum-sales-to-eu-plunge-30-due-to-new-carbon-tariff/
Qatar to Accelerate LNG Expansion as US Stalls on Export Push
Qatar plans to expand exports of liquefied natural gas amid rising demand and a pause on growth projects in the US, a key rival supplier. The nation, which vies with the US and Australia as the biggest shipper of the fuel, will develop a new 16 million tons a year project before the end of…
https://en.energytoday.ir/qatar-to-accelerate-lng-expansion-as-us-stalls-on-export-push/
Iraq’s Oil Exports to the US Rose to 226,000 bpd
The US Energy Information Administration (EIA) announced, on Sunday, that Iraq’s oil exports to the United States rose last week to 226,000 bpd last week. The EIA mentioned that the average US imports of crude oil during the past week from nine major countries reached 5.642 million bpd, increasing by 217,000 bpd from the previous…
https://en.energytoday.ir/iraqs-oil-exports-to-the-us-rose-to-226000-bpd/
Hydrogen Power for AI: Honda Expands Fuel Cell Drive to U.S. Data Centers
Honda Motor aims to supply fuel cells to big tech companies in North America as clean emergency power for data centers, in a bid to harness the growth driven by artificial intelligence to bring down costs for hydrogen-powered vehicles. A trial of the backup system is underway at a Honda facility located a half-hour drive…
https://en.energytoday.ir/hydrogen-power-for-ai-honda-expands-fuel-cell-drive-to-u-s-data-centers/
Kazakhstan’s Astana to Host Discussion on Central Asia, Caspian Regions’ Hydro-Economy Prospects
Prospects of 'green' hydrogen production in the countries of Central Asia and the Caspian region will be discussed in Kazakhstan's Astana on September 17, Trend reports via Globuc International Company. "This is a unique business event dedicated to considering the prospects of 'hydrogen economy' in the region. It will be held for the second time…
https://en.energytoday.ir/kazakhstans-astana-to-host-discussion-on-central-asia-caspian-regions-hydro-economy-prospects/
EU to Decline Extending Agreement on Russian Gas Transit via Ukraine
The EU says that it sees no need to extend Russia’s five-year contract to supply gas to Europe via Ukraine, which is due to expire at the end of 2024. Energy Commissioner Kadri Simson said that alternative supplies have now been sourced by countries that were once served by the gas transit route, including Austria,…
https://en.energytoday.ir/eu-to-decline-extending-agreement-on-russian-gas-transit-via-ukraine/