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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
BP Cuts Jobs as Supermajor Scales back EV Charging Unit
BP has cut over a tenth of its workforce in its EV charging business, BP Pulse, as the supermajor is downsizing the division and retreating from several countries to focus on just four key markets, Reuters reported on Monday, quoting sources at the company. BP has cut more than 100 out of BP Pulse’s 900…
https://en.energytoday.ir/bp-cuts-jobs-as-supermajor-scales-back-ev-charging-unit/
Turkmenistan, EU Moot Diversification of Gas Supply Routes
Turkmenistan and the EU discussed the diversification of gas supply routes, Trend reports. According to the Ministry of Foreign Affairs of Turkmenistan, this topic was discussed in Brussels during the participation of the Turkmen delegation headed by Myrat Archayev, Deputy Chairman of the Turkmengaz State Concern, in a meeting of the Turkmenistan-EU Energy Working Group.…
https://en.energytoday.ir/turkmenistan-eu-moot-diversification-of-gas-supply-routes/
Record Surge in Global Coal Capacity Led by China
Continued expansion in China’s coal fleet and a slowdown in plant retirements in the United States and Europe in 2023 resulted in the highest net increase in global operating coal capacity since 2016, research group Global Energy Monitor said in its annual survey. While the slower retirements outside China are expected to be a short-lived…
https://en.energytoday.ir/record-surge-in-global-coal-capacity-led-by-china/
OPEC+ Rules in an Increasingly Tight Oil Market
The OPEC+ group is firmly back in control of the oil market and has the power to have it extremely tight in the second half of the year should it choose to do so, industry executives and hedge fund managers say. The market is growing increasingly bullish on oil, expecting robust global demand growth and…
https://en.energytoday.ir/opec-rules-in-an-increasingly-tight-oil-market/
Russia’s Crude is Trading at $15 above the Price Cap
https://en.energytoday.ir/russias-crude-is-trading-at-15-above-the-price-cap/
U.S. Power Plant Proposals Surge by 90% as Electricity Demand Rises
Proposals for new power generation capacity in the United States have increased by an impressive 90% over the last three years, Bloomberg has reported, in anticipation of a surge in demand for electricity. Notably, some 80% of the proposed capacity is solar plus batteries, with only 3% of proposed power plants to run on natural…
https://en.energytoday.ir/u-s-power-plant-proposals-surge-by-90-as-electricity-demand-rises/
New Zealand Considers ICE Car Import Ban by 2040
The New Zealand government has plans to ban the import of internal combustion engine vehicles by 2040 as part of its net-zero efforts. According to local publication Stuff, a draft document prepared by the country’s Climate Change Commission suggests that “Decarbonising transport will require a rapid increase in electric vehicle (EV) sales so that nearly…
https://en.energytoday.ir/new-zealand-considers-ice-car-import-ban-by-2040/
Exxon’s Expanded UK Refinery to Supply First Diesel in Early 2025
While other international majors are closing down refineries or converting them to biofuel production, ExxonMobil is expanding its UK site and will start delivering diesel from the expanded Fawley refinery in early 2025. ExxonMobil is investing $1 billion (£800 million) in the main construction phase of a new low-sulfur diesel facility at the Fawley refinery,…
https://en.energytoday.ir/exxons-expanded-uk-refinery-to-supply-first-diesel-in-early-2025/
Oil Prices Drop on Hopes of Easing Middle East Tensions
Oil prices fell in early Monday trading, after Israel withdrew some soldiers from Gaza amid renewed ceasefire talks, defusing some tension in the Middle East ahead of the Eid Al Fitr holiday. Brent, the benchmark for two thirds of the world’s oil, was down 1.16 per cent at $90.11 a barrel at 12.30pm UAE time.…
https://en.energytoday.ir/oil-prices-drop-on-hopes-of-easing-middle-east-tensions/
Conflicts could Put West Africa’s Oil Supply at Risk
African and Western officials are concerned that the conflicts and coups in the Sahel region could spill over to the coast of West Africa, which hosts several major oil production projects and export terminals. Since 2020, there have been military coups in Burkina Faso, Mali, and Niger, while violence from Islamist insurgents has spiked in…
https://en.energytoday.ir/conflicts-could-put-west-africas-oil-supply-at-risk/
Kazakhstan, Japan Explore Nuclear Energy Cooperation for Peaceful Purposes
https://en.energytoday.ir/kazakhstan-japan-explore-nuclear-energy-cooperation-for-peaceful-purposes/
Saudi Arabia Hikes Oil Prices in Increasingly Tight Market
Saudi oil giant Aramco, the world’s top crude oil exporter, hiked on Friday the prices of most of its crude grades for May, as Middle Eastern benchmarks are strengthening in a market that looks increasingly tight. For a second consecutive month, Saudi Arabia raised the price of Arab Light, its flagship grade selling in Asia,…
https://en.energytoday.ir/saudi-arabia-hikes-oil-prices-in-increasingly-tight-market/
Qatar Prepares to Dominate the LNG Export Market
Qatar is backing up its massive LNG expansion plans with new orders to charter dozens of new ships as the tiny Gulf gas producer aims to solidify its dominance in the global LNG export market. Last year, the United States overtook Qatar as the world’s largest LNG exporter, but Qatar has a huge expansion program…
https://en.energytoday.ir/qatar-prepares-to-dominate-the-lng-export-market/
Central Asia’s Air Quality among Worst in the World
The air quality in Central Asian states is among the worst in the world, according to corporate study that measured pollution in over 130 countries around the world. The 2023 World Air Quality Report, compiled by Swiss-based IQAir, measured air-borne harmful particles, known as PM2.5, in over 7,800 locations. The findings showed that Central Asia…
https://en.energytoday.ir/central-asias-air-quality-among-worst-in-the-world/
Petrochemicals are Driving 90% of China’s Oil Demand Growth
Last year, Bloomberg caused quite a stir in energy circles when it predicted that global demand for road fuel will peak in 2027. According to Bloomberg, demand for road fuel will hit an all-time high of 49 million barrels per day just three years from now before entering terminal decline. Bloomberg says that rapid adoption…
https://en.energytoday.ir/petrochemicals-are-driving-90-of-chinas-oil-demand-growth/
Goldman Sees Limited Upside for Oil Prices despite Rising Geopolitical Risk
Goldman Sachs analysts have brushed off the latest events between Iran and Israel as a bullish factor for oil prices, citing potential hedging by producers. “Our commodities strategists do not expect substantial further upside to oil prices,” the bank said, as quoted by FXStreet, adding that “Hedge funds continued selling US Energy stocks for the…
https://en.energytoday.ir/goldman-sees-limited-upside-for-oil-prices-despite-rising-geopolitical-risk/
EU Gas Storage Nearly 60 Percent Full at End of Heating Season
Natural gas storage facilities in the European Union region were stocked to over 58 percent of capacity as of March 31, when the winter heating season ended, EU Energy Commissioner Kadri Simson has said. “This is the highest level on record at this time of year”, Kadri said in a recent statement by the European…
https://en.energytoday.ir/eu-gas-storage-nearly-60-percent-full-at-end-of-heating-season/
Repsol Unveils 637-MW Solar Farm in Texas
Spanish multi-energy group Repsol SA has wrapped up construction of the 637-MW Frye Solar plant in the US state of Texas, it said on Thursday, hailing it as the largest solar photovoltaic project it has built to date. Frye Solar is equipped with close to one million solar panels installed near the town of Kress,…
https://en.energytoday.ir/repsol-unveils-637-mw-solar-farm-in-texas/
The AI Revolution has a Problem: Energy
Artificial intelligence is helping the oil and gas industry boost output by accelerating drilling and boosting efficiency. It offers similar gains to other industries as well and online platforms and websites with AI-powered chatbots are multiplying fast. But there is a problem. AI consumes massive amounts of electricity. A New Yorker article from last month…
https://en.energytoday.ir/the-ai-revolution-has-a-problem-energy/
The World’s Coal Capacity Hit an all-Time High in 2023
Global coal power capacity hit a record last year driven by China, which built the most new capacity, but also helped by a slowdown in coal power plant retirements across the world. This is according to data from Global Energy Monitor, a transition outlet that tracks energy trends. The data also showed that coal power…
https://en.energytoday.ir/the-worlds-coal-capacity-hit-an-all-time-high-in-2023/
Shell Considers Leaving London Stock Exchange
Shell’s chief executive has floated the possibility of the petrogiant abandoning its “undervalued” London listing. Wael Sawan, who runs the largest company on the FTSE 100, said the embattled London exchange was an “undervalued location” as he joined a raft of global CEOs in complaining about the capital’s equity markets. Shell, he said, was a…
https://en.energytoday.ir/shell-considers-leaving-london-stock-exchange/
Low Natural Gas Prices Curb U.S. Oil Production Gains
U.S. oil producers are not in a rush to significantly boost production despite oil prices hovering at a six-month high, as multi-year low natural gas prices are holding back drilling in parts of the Permian and costs have increased, analysts and industry executives tell Reuters. Last week, WTI crude prices hit their highest level of…
https://en.energytoday.ir/low-natural-gas-prices-curb-u-s-oil-production-gains/
Egypt to Import more LNG over next Four Months to Ensure Summer Supply
Egypt aims to buy more liquefied natural gas shipments over the next four months as the nation aims to avoid a repeat of last year’s chronic blackouts. Egyptian Natural Gas Holding Co. is currently aiming to import at least one shipment a month through July or August, according to people with knowledge of the matter,…
https://en.energytoday.ir/egypt-to-import-more-lng-over-next-four-months-to-ensure-summer-supply/
China’s First Geothermal Scientific Exploration Well to Reach 5,200 Meters Deep
China's first ultra-deep geothermal scientific exploration well, Fushenre-1, is anticipated to reach a subterranean depth of 5,200 meters on Monday, setting a new record for the deepest geothermal exploration well in the country, China Media Group reports. The well's drilling project is led by Sinopec, one of China's largest oil refining and petrochemical enterprise. The…
https://en.energytoday.ir/chinas-first-geothermal-scientific-exploration-well-to-reach-5200-meters-deep/
Saudi Aramco Suspends Two Oil Contractors
Aramco has served notices of temporary suspension to two oilfield service contractors, Zawya has reported, citing the companies. According to one of them, Borr Drilling Limited, the suspension will begin this month and last for a year, the report said. Borr Drilling operates the Arabia I rig in Saudi Arabia and said it would look…
https://en.energytoday.ir/saudi-aramco-suspends-two-oil-contractors/
North Sea Oil and Gas Firms Continue Drilling despite Climate Goals
https://en.energytoday.ir/north-sea-oil-and-gas-firms-continue-drilling-despite-climate-goals/
OPEC+ Risks Repeat of Boom and Bust as Oil Prices Top $90
The OPEC+ alliance may be risking a repeat of last year’s oil market boom and bust. Brent crude prices shot above $90 a barrel on Thursday and analysts warned of a further increase to $100. The rally came after Saudi Arabia and its partners signaled they’ll continue to squeeze supplies despite robust fuel demand and…
https://en.energytoday.ir/opec-risks-repeat-of-boom-and-bust-as-oil-prices-top-90/
Chinese EV Makers Offer Incentives to Woo Tesla Customers
The competition in China's EV world continues to heat up, as the market becomes more and more saturated. The country's automakers are aggressively trying to take advantage of Tesla's recent price hikes by offering incentives, while at the same time gearing up to compete with the "disruptive" entry of Xiaomi into the market, Bloomberg reported…
https://en.energytoday.ir/chinese-ev-makers-offer-incentives-to-woo-tesla-customers/
Europe Makes it to the Other Side of Winter with Record Levels of Natural Gas
Europe has managed to make it through this winter season with record levels of natural gas in storage, setting it up to head into next winter on solid ground. With the end of March essentially wrapping up the typical winter season, natural gas stores in Europe remain 58.7% full, Gas Infrastructure Europe’s data shows—a new…
https://en.energytoday.ir/europe-makes-it-to-the-other-side-of-winter-with-record-levels-of-natural-gas/
AI’s Rapid Growth Poses a Challenge to Big Tech’s Clean Energy Efforts
For decades, Big Tech has been one of the largest and most innovative proponents of clean energy. Silicon Valley giants have put considerable amounts of money and effort into making their companies greener and supporting renewable energy growth. But in recent years, the conversation around the tech sector’s energy use has changed from one of…
https://en.energytoday.ir/ais-rapid-growth-poses-a-challenge-to-big-techs-clean-energy-efforts/