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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
U.S. Oil, Gas Drilling Activity Declines
The total number of active drilling rigs for oil and gas in the United States fell again this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 1 to 585 this week, compared to 632 rigs this same time last year. The number of oil rigs stayed…
https://en.energytoday.ir/u-s-oil-gas-drilling-activity-declines/
India’s Oil Imports: Iraq Holds Firm as Second-Largest Supplier
Iraq retained its position as the second-largest supplier of oil to India in July, according to recent data from Indian industry and trade sources. The data, reviewed by Shafaq News, indicated “a 4% increase in India’s crude oil purchases from the Middle East in July, lifting the region's share of India’s total oil imports to…
https://en.energytoday.ir/indias-oil-imports-iraq-holds-firm-as-second-largest-supplier/
Why OPEC can’t Afford to Reverse Oil Output Cuts
OPEC is unlikely to reverse any of the production cuts that it approved last year as growing production from non-cartel countries is on the rise, pressuring prices. The observation, made by BP’s chief economist Spencer Dale, could inject some optimism into oil markets, where many appeared to expect that the very mention of a possibility…
https://en.energytoday.ir/why-opec-cant-afford-to-reverse-oil-output-cuts/
Basrah Crude Prices Dip Slightly with Global Oil Price Stability
On Monday, Basrah crude oil decreased despite a stability in global oil prices. Basrah Heavy crude edged lower by $0.14 to $73.60, while Basrah Medium also rose by $0.14 to $76.77. Global oil prices remained stable, maintaining most of their gains from the previous week, which had exceeded three percent. This stability was supported by…
https://en.energytoday.ir/basrah-crude-prices-dip-slightly-with-global-oil-price-stability/
Libya’s NOC Expects to Add 30,000 Bpd of Capacity at Mellitah Complex
Libya’s National Oil Corp. (NOC) said Sunday it is working on increasing the production capacity of the Mellitah oil and gas processing complex by 30,000 barrels per day (bpd), days after declaring force majeure on the Sharara field. Work is also ongoing for a marine facility that will transport about 160 million cubic feet of…
https://en.energytoday.ir/libyas-noc-expects-to-add-30000-bpd-of-capacity-at-mellitah-complex/
Oil Prices Rise for Fifth Day on Eased Recession Fears and Middle East Tensions
Oil prices rose for a fifth consecutive session on Monday, holding on to last week's more than 3% gains, as US recession fears eased while geopolitical tensions in the Middle East supported prices. Brent crude futures climbed 22 cents, or 0.3%, to $79.88 a barrel by 0458 GMT, while US West Texas Intermediate crude futures…
https://en.energytoday.ir/oil-prices-rise-for-fifth-day-on-eased-recession-fears-and-middle-east-tensions/
China’s Hydrogen Tech Boosts Paris Olympics’ Carbon Goals
As the world turns to cleaner energy solutions, hydrogen power has been put into the spotlight. In a significant showcase of its potential, China-manufactured hydrogen refueling equipment has played a pivotal role at the 2024 Paris Olympic Games. These installations are now the energy source for hydrogen vehicles transporting athletes to and from competition venues.…
https://en.energytoday.ir/chinas-hydrogen-tech-boosts-paris-olympics-carbon-goals/
Iran Expanding Oil Export Destinations
Iran has been expanding its oil destination markets as the country is pushing to send more oil to the global markets in an attempt to neutralize Western sanctions. Iran has sent shipments of crude oil to new destinations such as Bangladesh and Oman, according to shipping sources and data cited by Reuters. Oil sales are…
https://en.energytoday.ir/iran-expanding-oil-export-destinations/
EIA Forecasts Tighter US Oil Markets and Lower Crude Prices
The US EIA has forecast that US oil markets will experience a closer balance between supply and demand this year. At the same time, the EIA has revised its forecast for 2025 crude prices downwards compared with its Short-Term Energy Outlook (STEO), published in July. Despite recent drops in crude oil prices, the EIA said…
https://en.energytoday.ir/eia-forecasts-tighter-us-oil-markets-and-lower-crude-prices/
Gazprom Exports to Europe via Ukraine Continue despite Fighting
Natural gas flows from Russia to Europe via Ukraine continued on Thursday despite clashes at the Russia-Ukraine border near the only gas metering station that still sends Russian gas west to Europe. Unconfirmed reports emerged on Wednesday that Ukraine had seized Sudzha gas metering station in the Russian region of Kursk, a theater of heavy…
https://en.energytoday.ir/gazprom-exports-to-europe-via-ukraine-continue-despite-fighting/
EIA: Global Oil Demand Growth to Cool as China Slows
The US government’s energy-tracking agency added to a chorus of concerns about falling demand for oil next year caused by an economic slowdown in China, the world’s largest crude importer. Global crude consumption will be about 104.5mn barrels a day in 2025, down 200,000 barrels a day from a previous forecast, cutting next year’s projected…
https://en.energytoday.ir/eia-global-oil-demand-growth-to-cool-as-china-slows/
Oil Prices Dip amid Unexpected US Inventory Build, Supply Concerns
Oil prices slipped in early Asian trading on Wednesday following a brief rebound in the previous session after industry data showed an unexpected build in US crude oil and gasoline inventories, offsetting global oil supply concerns. Brent crude futures fell 21 cents, or 0.27%, to $76.27 a barrel by 0020 GMT. US West Texas Intermediate…
https://en.energytoday.ir/oil-prices-dip-amid-unexpected-us-inventory-build-supply-concerns/
U.S. to Purchase more Oil for SPR while Prices are Low
The U.S. Department of Energy (DOE) is continuing its efforts to bolster the depleted Strategic Petroleum Reserve (SPR) with new oil purchases. Today, DOE's Office of Petroleum Reserves announced a call for bids to supply up to 1.5 million barrels of oil to the Bayou Choctaw site in January 2025. An additional solicitation will follow…
https://en.energytoday.ir/u-s-to-purchase-more-oil-for-spr-while-prices-are-low/
Saudi Aramco Sees Oil Demand Rising by 1.6 Million Bpd in Second Half of 2024
Global oil demand is expected to rise by between 1.6 million and 2 million barrels per day (bpd) in the second half of the year, Saudi Aramco’s chief executive Amin Nasser said on Tuesday, noting that the past week’s selloff in oil doesn’t reflect fundamentals. Aramco sees total global oil demand at 104.7 million bpd…
https://en.energytoday.ir/saudi-aramco-sees-oil-demand-rising-by-1-6-million-bpd-in-second-half-of-2024/
Nigeria Loses $1,000 per Barrel of Crude Oil It Exports
Nigeria is losing $1,000 on every barrel of crude oil it exports, due to a lack of the added value from refining, Nigerian media quoted energy policy expert Henry Adigun as saying at a conference. This loss is no longer sustainable, Adigun said. The Nigerian federal government is supporting local refineries, but the regulator, the…
https://en.energytoday.ir/nigeria-loses-1000-per-barrel-of-crude-oil-it-exports/
Russia’s Coal Reserves to Last over a Century despite Market Pressures
Russia has announced that it possesses more than a century's worth of coal reserves, signaling its enduring role as a key player in the global energy landscape despite facing Western sanctions. According to Alexander Kozlov, Russia's Minister of Natural Resources and Environment, the country's coal reserves are estimated at an impressive 273 billion metric tons,…
https://en.energytoday.ir/russias-coal-reserves-to-last-over-a-century-despite-market-pressures/
U.S. Sanctions Seven Ships Tied to Russia’s LNG Export Fleet
The U.S. has imposed sanctions on seven liquefied natural gas carriers linked to Russia, including vessels believed to have loaded at its newest export facility in the Arctic region. LNG vessels included Pioneer and Asya Energy, which loaded the first two shipments from the Arctic LNG 2 project previously sanctioned by the U.S., according to…
https://en.energytoday.ir/u-s-sanctions-seven-ships-tied-to-russias-lng-export-fleet/
IEA Roadmap Guides New Methane Reduction Funding Scheme
A group of 50 organizations including the International Energy Agency and the Climate Bonds Initiative has set up a scheme to fund oil and gas companies committing to methane emission reduction, Bloomberg reported, noting the funding will take the form of so-called transition bonds. The group will release its recommendations on the idea at the…
https://en.energytoday.ir/iea-roadmap-guides-new-methane-reduction-funding-scheme/
Oman’s Natural Gas Production and Imports Increase by 5.3%
Total production and imports of natural gas in the Sultanate of Oman increased by 5.3 percent to 27.58 billion cubic metres by the end of June 2024 compared to 26.19 billion cubic metres during the same period in 2023. Statistics issued by the National Centre for Statistics and Information (NCSI) showed that industrial projects accounted…
https://en.energytoday.ir/omans-natural-gas-production-and-imports-increase-by-5-3/
Saudi Crude Oil Exports to China Set to Slip in September
Saudi crude oil exports to China are set to fall in September to about 43 million barrels, several trade sources said on Monday, citing monthly allocations for term buyers. September exports from the world’s top exporter to China are estimated to slip by about 3 million barrels from a revised volume of about 46 million…
https://en.energytoday.ir/saudi-crude-oil-exports-to-china-set-to-slip-in-september/
Russia’s Oil Production Down in July, Compensatory Cuts Coming
Russia’s crude oil production was down in July compared to June, the Russian Energy Ministry said on Friday, and more cuts are coming. Russia’s oil production came in at 67,000 bpd above its quota for July, but was down in July compared to June due to “one-off supply scheduling issues”. According to the Energy Ministry,…
https://en.energytoday.ir/russias-oil-production-down-in-july-compensatory-cuts-coming/
Turkmenistan Ready to Start Work on TAPI in Afghanistan
Turkmenistan is ready to start work on the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project in Afghanistan's territory, Trend reports. Turkmen Foreign Minister Rashid Meredov announced this during an online meeting with Afghan Deputy Prime Minister Abdul Ghani Baradar. The sides also discussed economic, transit, trade, and political cooperation between their countries. Turkmenistan's Turkmengaz State Concern has…
https://en.energytoday.ir/turkmenistan-ready-to-start-work-on-tapi-in-afghanistan/
OPEC+ Oil Production Sees Largest Increase in Nearly a Year
OPEC+ oil production experienced its largest increase in nearly a year in July, with Iraq and Kazakhstan raising their outputs despite deeper cut commitments, while Russia remained significantly above its quota. According to a survey by Platts OPEC+ from S&P Global Commodity Insights on August 10, the group’s total production rose by 160,000 barrels per…
https://en.energytoday.ir/opec-oil-production-sees-largest-increase-in-nearly-a-year/
Singapore Looks to Build First-of-Its-Kind Renewable Energy Farm in Waters around Raffles Lighthouse
A renewable energy farm could be built in the waters around Raffles Lighthouse, with a feasibility study expected to begin in the fourth quarter of this year. The Maritime and Port Authority of Singapore (MPA) told CNA that it has earmarked 30ha around the island and is looking into installing solar panels above the sea…
https://en.energytoday.ir/singapore-looks-to-build-first-of-its-kind-renewable-energy-farm-in-waters-around-raffles-lighthouse/
Force Majeure Declared at Libya’s Largest Oilfield
https://en.energytoday.ir/force-majeure-declared-at-libyas-largest-oilfield/
EIA Raises 2024 Forecast for U.S. Crude Oil Demand
The U.S. Energy Information Administration (EIA) has raised its forecast for crude oil demand in the United States, according to the agency’s Short-Term Energy Outlook released today—although its price outlook for this year and next has been revised down. The EIA now sees U.S. petroleum and other liquid fuels consumption averaging 20.5 million barrels per…
https://en.energytoday.ir/eia-raises-2024-forecast-for-u-s-crude-oil-demand/
Saudi Aramco’s Profit Slides as Economic Woes Dampen Energy Prices
Saudi oil giant Aramco on Tuesday reported $56.3 billion in profits for the first half of the year, down from the year before due to weakening volumes sold amid worries about the global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was $220.7 billion, up from…
https://en.energytoday.ir/saudi-aramcos-profit-slides-as-economic-woes-dampen-energy-prices/
Goldman Sachs Sees a $75 Floor for Brent Oil Prices
Goldman Sachs expects a $75 per barrel floor under Brent Crude prices that is unlikely to be breached due to the current macroeconomic fears of a U.S. recession. Oil prices slumped by 6% in the past few days, dragged down by weaker-than-expected jobs data in the U.S. on Friday, which sparked a massive selloff in…
https://en.energytoday.ir/goldman-sachs-sees-a-75-floor-for-brent-oil-prices/
Germany’s EV Sales Sink 37% as Subsidies End
The biggest European car market, Germany, saw the sales of electric vehicles plummet by 36.8% in July from a year earlier, as EV sales are softening worldwide and as Berlin ended subsidies at the end of 2023. New car registrations of battery vehicle vehicles (BEVs) in Germany slumped to 30,762 vehicles in July from the…
https://en.energytoday.ir/germanys-ev-sales-sink-37-as-subsidies-end/
U.S. Power Plants Hold the Highest Coal Stock Levels since 2020
U.S. electric power plants held a total of 138 million short tons of coal at the end of May, the highest level since the slump in power and coal demand at the start of the pandemic in early 2020, the U.S. Energy Information Administration (EIA) said on Monday. In recent years, coal stocks at power…
https://en.energytoday.ir/u-s-power-plants-hold-the-highest-coal-stock-levels-since-2020/