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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
Tesla to Focus on Autonomy and AI as Earnings Disappoint
Amid softer EV demand and worsening profit margins this year, Tesla is setting its sights on AI as Elon Musk is betting more on self-driving and artificial intelligence. The AI hype has investors hooked in the past three months since Tesla’s underwhelming first-quarter deliveries and earnings numbers published in April. The company’s value has risen…
https://en.energytoday.ir/tesla-to-focus-on-autonomy-and-ai-as-earnings-disappoint/
Iran’s Non-Oil Exports Increase 8% in 4 Months y/y
The head of the Islamic Republic of Iran Customs Administration (IRICA) said that in the first four months of the current Iranian calendar year (March 20-July 21) the country exported $17.5 billion non-oil goods, registering an 8.0 percent growth, year on year. Mohammad Rezvanifar put the total value of the country’s non-oil trade in the…
https://en.energytoday.ir/irans-non-oil-exports-increase-8-in-4-months-y-y/
In Gas-Rich Venezuela, next President Faces Problem of Producing It
Griselda Ascanio keeps an improvised wood-burning stove ready in her backyard in Maracay, 120 kilometers (75 miles) from Venezuela's capital, for the frequent gas-supply interruptions that make it difficult to cook. "We cannot just cry about it," said the 44-year-old administrator, who collects branches that fall from trees. "So we have learned to solve problems…
https://en.energytoday.ir/in-gas-rich-venezuela-next-president-faces-problem-of-producing-it/
Europe still Vies with China as Top Market for Russia’s Pipeline Gas
Europe still contends with China for the title of top buyer of Gazprom PJSC’s pipeline gas, more than two years after Russia’s invasion of Ukraine slashed its western energy sales. This situation reflects both the Kremlin’s successes and failures. Even after many rounds of international sanctions, Russia still supplies substantial volumes of gas to select…
https://en.energytoday.ir/europe-still-vies-with-china-as-top-market-for-russias-pipeline-gas/
Oil Market Forecasts Surplus in 2025, Predicts Morgan Stanley
Morgan Stanley has forecasted that the crude oil market, currently experiencing tight conditions, will likely move into surplus next year as the investment bank anticipates that oil prices will drop to the mid-to-high $70s range by 2025. Morgan Stanley said that the tight market conditions are expected to persist for most of the third quarter.…
https://en.energytoday.ir/oil-market-forecasts-surplus-in-2025-predicts-morgan-stanley/
Saudi Arabia, Gulf Economies to Slow down due to Output Cuts
Gulf Cooperation Council (GCC) economies will grow at a considerably slower clip in the current year due to the ongoing oil production cuts, with Saudi Arabia’s economy among the hardest hit, a Reuters poll of economists has predicted. A poll of 24 economists taken July 8-22 has predicted that Saudi Arabia's economy will expand 1.3%…
https://en.energytoday.ir/saudi-arabia-gulf-economies-to-slow-down-due-to-output-cuts/
Kazakhstan, Azerbaijan, and Uzbekistan Forge Green Energy Export Alliance
https://en.energytoday.ir/kazakhstan-azerbaijan-and-uzbekistan-forge-green-energy-export-alliance/
Could the UK’s Crown Estate Shake-up Accelerate Offshore Wind Investment?
King Charles announced no fewer than 40 government bills in his traditional speech to mark the State Opening of Parliament. From establishing a new wealth fund, to charging VAT on private schools, to radical changes to the planning process, the King’s Speech was heavy on big, headline-grabbing policies that will touch the lives of people…
https://en.energytoday.ir/could-the-uks-crown-estate-shake-up-accelerate-offshore-wind-investment/
China’s Dominance in Renewable Energy Expansion Continues
China has long dominated the renewable energy space, as the government has been investing in ramping up the country’s green energy capacity for several decades. It is already the biggest solar and wind producer, as well as the biggest lithium miner, in the world, and its expansion plans show no signs of slowing. A recent…
https://en.energytoday.ir/chinas-dominance-in-renewable-energy-expansion-continues/
China’s Largest Oil Refiner Sees almost No Throughout Growth
China's largest oil refining company, China Petroleum & Chemical Corp., aka Sinopec, processed 126.69 million metric tons of crude oil or 5.08 million barrels per day (bpd) in the first six months of the current year, good for a mere 0.1% Y/Y increase, the company has reported. That compared with 1.7% output growth in the…
https://en.energytoday.ir/chinas-largest-oil-refiner-sees-almost-no-throughout-growth/
Global Electricity Demand is Forecast to Grow by around 4% in 2024
The world's demand for electricity is rising at its fastest rate in years, driven by robust economic growth, intense heatwaves and the increasing uptake of technologies that run on electricity such as EVs and heat pumps, according to a new report by the International Energy Agency (IEA). At the same time, renewables continue their rapid…
https://en.energytoday.ir/global-electricity-demand-is-forecast-to-grow-by-around-4-in-2024/
Eni Launches a New Venture for the Development of Quantum Computing
Eni and ITQuanta have agreed to form a joint venture, Eniquantic1, with the aim of developing an integrated hardware and software quantum machine2 capable of solving complex problems (mathematical optimisation, modelling and simulation, artificial intelligence) and initiating specific and significant quantum computing applications to support the energy transition. In developing its technological roadmap, Eniquantic will…
https://en.energytoday.ir/eni-launches-a-new-venture-for-the-development-of-quantum-computing/
Growth in Fusion Energy Investments Slows for a Second Year
Investments in fusion energy efforts globally increased for yet another year, but the growth was slower than in the previous two years as many companies in the industry expect funding to be a major challenge in the medium term, the Fusion Industry Association (FIA) said in its annual report. The fourth annual “Global Fusion Industry…
https://en.energytoday.ir/growth-in-fusion-energy-investments-slows-for-a-second-year/
Chinese Demand Concerns Weigh on Oil Prices
Oil prices continued to be weighed down in Asian trade on Wednesday by growing concerns about China’s economic growth and oil demand which were offsetting an estimated drop in U.S. crude oil inventories. In Asian trade, both benchmarks were dropping by around 0.2%, with the U.S. WTI Crude benchmark clawing back to the $80 per…
https://en.energytoday.ir/chinese-demand-concerns-weigh-on-oil-prices/
Basrah Crudes Drop despite Global Oil Stabilization
On Wednesday, Basrah crude oil dropped amid a stabilization in global oil prices. Basrah Heavy crude edged lower by $1.56 to $79.52, while Basrah Medium rose by $1.56 to $82.42. Oil prices held steady on Wednesday, with the global benchmark Brent hovering near a one-month low reached in the previous session. This comes as indications…
https://en.energytoday.ir/basrah-crudes-drop-despite-global-oil-stabilization/
Russia, Iraq And Kazakhstan to Compensate Overproduction in the next 15 Months
Russia, Iraq, and Kazakhstan have submitted their compensation plans to the OPEC Secretariat for overproduced crude volumes for the first six months of 2024. According to OPEC, the entire over-produced volumes will be fully compensated for over the next 15 months through September 2025, with Russia ‘paying back’ a cumulative 480 kb/d, Iraq 1,184 kb/d,…
https://en.energytoday.ir/russia-iraq-and-kazakhstan-to-compensate-overproduction-in-the-next-15-months/
IEA: Global Coal Demand Set to Remain Broadly Flat over next Two Years
Global coal demand is set to remain broadly flat over the next two years, as surging electricity demand in a number of major economies offsets the ongoing rapid expansion of solar and wind capacity worldwide, according to the International Energy Agency (IEA). After global coal use soared 2.6 per cent to reach an all-time high…
https://en.energytoday.ir/iea-global-coal-demand-set-to-remain-broadly-flat-over-next-two-years/
India to Apply for Deep-Sea Critical Minerals Mining in the Pacific
India plans to apply for obtaining licenses for deep-sea mining of minerals key for the energy transition in the Pacific, a senior government scientist told Reuters on Monday. India has been exploring ways to own and develop critical minerals assets abroad as its renewable energy rollout is soaring and as it seeks to have its…
https://en.energytoday.ir/india-to-apply-for-deep-sea-critical-minerals-mining-in-the-pacific/
Sanctions Effective in Stopping Russia’s Arctic LNG 2
U.S. sanctions have proven successful in suspending production at Arctic LNG 2 and delaying the expansion of the project, according to a U.S. State Department official. “Putin hoped to ramp up output from Arctic LNG 2 during the first quarter of 2024 but has been unable to load even one cargo,” U.S. Assistant Secretary of…
https://en.energytoday.ir/sanctions-effective-in-stopping-russias-arctic-lng-2/
Iraq Targets 250 MW Power Generation from a Southern Oilfield
Iraq aims to utilize 70 million cubic feet per day (mmcfd) of associated gas from the Bazerkan field for power generation, targeting 250 megawatts (MW) of capacity, the Oil Ministry said on Monday. "The ministry is expediting investment in associated gas from the Bazerkan oil operations to support the power sector," said Izzat Saber, the…
https://en.energytoday.ir/iraq-targets-250-mw-power-generation-from-a-southern-oilfield/
OPEC+ Delegates don’t See Oil-Hike Plan Changes at Meeting
https://en.energytoday.ir/opec-delegates-dont-see-oil-hike-plan-changes-at-meeting/
Turkey Willing to Boost EU Gas Exports if Bloc Guarantees Demand
Turkey has said it is prepared to significantly increase natural gas exports to the European Union, desperate to further wean itself off Russian gas, but it won’t be easy or cheap: In order to do that, the most likely route is to re-export Azeri natural gas from Turkey. That, in turn, would require Turkey to…
https://en.energytoday.ir/turkey-willing-to-boost-eu-gas-exports-if-bloc-guarantees-demand/
What does Von der Leyen’s Re-Election Mean for Europe’s Future?
The European Parliament's endorsement on July 18 of German Ursula von der Leyen for a second five-year term as president of the European Commission marks a bid for continuity in the EU's executive branch with a seasoned politician whose European tenure has been inextricably bound to the fortunes of the bloc's political center. An accomplished…
https://en.energytoday.ir/what-does-von-der-leyens-re-election-mean-for-europes-future/
U.S. Natural Gas Market becomes a Global LNG Force
After years of being more or less isolated from the rest of the world, U.S. benchmark natural gas prices are becoming an influential force in shaping the structure of many contracts on the global LNG market. The price at Henry Hub in the United States will give increasingly important price signals to the regional LNG…
https://en.energytoday.ir/u-s-natural-gas-market-becomes-a-global-lng-force/
Russia Cuts Crude Exports to China and India by 17%
Russia’s four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down by almost 600,000 barrels or 17% from their recent peak in April, Bloomberg has reported. The country’s seaborne crude shipments have now sunk to the lowest since January and are likely to remain that way at least…
https://en.energytoday.ir/russia-cuts-crude-exports-to-china-and-india-by-17/
The Biggest U.S. Solar-Storage Project Launches in Nevada
Nevada is now hosting the largest solar plus battery energy storage system project in the United States after Primergy Solar and Quinbrook Infrastructure Partners announced that the Gemini Solar + Storage project in Clark County is now fully operational. Gemini is one of the latest such sites in the U.S. amid a rapid expansion of…
https://en.energytoday.ir/the-biggest-u-s-solar-storage-project-launches-in-nevada/
Egypt’s Gas Output near Six-Year Low as it Shifts to Importer
Egypt’s natural gas production has dropped to the lowest in more than six years just as a scorching summer boosts demand for the fuel. The North African nation’s output in May was near the weakest since February 2018, according to figures from the Joint Organisations Data Initiative. The decline is a sign that Egypt will…
https://en.energytoday.ir/egypts-gas-output-near-six-year-low-as-it-shifts-to-importer/
Turkey Ready to Expand Gas Exports to EU but Wants Demand Guarantee
Turkey is prepared to increase its natural gas exports to the European Union, provided the EU offers long-term commitments to justify the necessary infrastructure investments, Energy and Natural Resources Minister Alparslan Bayraktar said Tuesday. The EU is striving to secure alternative gas sources to replace Russian supplies that transit through Ukraine. One option could include…
https://en.energytoday.ir/turkey-ready-to-expand-gas-exports-to-eu-but-wants-demand-guarantee/
Russia Plans Compensation Cuts after Pumping above OPEC Plus Quota
Russia plans to make extra crude production cuts to compensate for pumping above its OPEC+ quota in the warm seasons of this year and next, according to people with knowledge of the matter. Moscow’s additional curbs will most likely happen in summer and early fall for technological reasons, said the people, who spoke on condition…
https://en.energytoday.ir/russia-plans-compensation-cuts-after-pumping-above-opec-plus-quota/
Japan Faces Jet Fuel Shortage
Amid boom in tourism, Japan is facing jet fuel shortage, as the country’s plummeting oil refineries cannot provide adequate fuel to enable return trips for all planes. Authorities at Narita Airport near Tokyo, Japan's main gateway for international arrivals, said in late June that six airlines had shelved plans to add 57 flights to the…
https://en.energytoday.ir/japan-faces-jet-fuel-shortage/