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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
Asian LNG Imports Set for Six-Month High in July
Asia is on track to import this month the highest level of LNG since January as demand grows despite rising spot LNG prices in the region. Asia’s LNG imports are expected to stand at 24.85 million metric tons in July, the highest level in six months, and higher than the June imports, although prices have…
https://en.energytoday.ir/asian-lng-imports-set-for-six-month-high-in-july/
China’s Grip on Rare Earth Industry Tightens as Prices Drop
Rare earth mineral companies in China have been stung by declining prices at the same time the government "tightens its grip" on the industry, according to Nikkei Asia. Companies like Rising Nonferrous Metals, a rare-earth miner listed in Shanghai, are losing money this year, a stark contrast to last year's profitability. The company is blaming…
https://en.energytoday.ir/chinas-grip-on-rare-earth-industry-tightens-as-prices-drop/
How Libya’s Supply Outage Impacts Oil Markets
Several oilfields across Libya have halted production as closures spread, engineers reported on Tuesday, amid a dispute over control of the central bank and oil revenues. Mohammed al-Menfi, head of the Presidency Council in Tripoli, had issued a decision to replace Central Bank head Sadiq al-Kabir and the bank's board, a move rejected by the…
https://en.energytoday.ir/how-libyas-supply-outage-impacts-oil-markets/
Oil Pauses Gains after Surging on Libyan Outages, Middle East Tension
Oil prices paused recent advances to trade in a range on Tuesday, after a surge of more than 7 per cent in the previous three sessions, on supply concerns prompted by fears of a wider Middle East conflict and the potential shutdown of Libyan oil fields. Brent crude futures was up 3 cents at $81.46…
https://en.energytoday.ir/oil-pauses-gains-after-surging-on-libyan-outages-middle-east-tension/
ExxonMobil: Oil Demand will be over 100 Million Bpd in 2050
As the rivalry over global oil demand projections continues to intensify, supergiant Exxon Mobil on Monday chimed in to forecast that crude demand will continue to be over 100 million barrels per day through 2050, contradicting other forecasts that come in much lower, Reuters reported. The forecast from Exxon, which is planning to see output…
https://en.energytoday.ir/exxonmobil-oil-demand-will-be-over-100-million-bpd-in-2050/
Oil up 2% on Libya Shutdowns, Mideast Escalation Fears
Oil prices rose 2% on Monday on news of fresh production outages in Libya, adding to earlier gains on concerns that an escalating Gaza conflict could disrupt regional oil supplies. Brent crude futures climbed $1.64, or 2.08%, to $80.66 a barrel by 1041 GMT, while U.S. crude futures were at $76.38 a barrel, up $1.55,…
https://en.energytoday.ir/oil-up-2-on-libya-shutdowns-mideast-escalation-fears/
LNG Prices under Pressure as Seasonal Demand Peaks
The spot market price of liquefied natural gas in Asia is on the decline amid signs that seasonal demand for the fuel is peaking. Last week saw the first weekly decline in Asian spot LNG prices in a month, Reuters’ Clyde Russell reported, noting however that prices are still over 66% higher than they were…
https://en.energytoday.ir/lng-prices-under-pressure-as-seasonal-demand-peaks/
Global Oil Inventories Shrink as OPEC+ Decision Looms
As OPEC+ gears up for its next meeting, the group finds itself at a crossroads that has the potential to sway global oil markets. With the autumn months approaching, key decisions loom regarding whether to proceed with planned production increases or to maintain current output levels. The backdrop to this decision is a volatile combination…
https://en.energytoday.ir/global-oil-inventories-shrink-as-opec-decision-looms/
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/
Middle East Oil Benefits as China Buys Less African Crude
China has long been building inroads into Africa, while the U.S. backs down from the region, leaving a gaping hole in the West’s influence over the “final frontier”. Now, however, we’re seeing all that soft power and oil-backed loans fizzle out as various think tanks note that China is increasingly choosing Arab oil over African…
https://en.energytoday.ir/middle-east-oil-benefits-as-china-buys-less-african-crude/
China’s Oil Giant CNOOC Books Record-High Profit as Output Jumps
China’s state-held oil and gas giant CNOOC reported on Wednesday a record-high net profit for the first half of 2024, pushed up by an all-time high oil and gas production and rising oil prices. CNOOC, which specializes in offshore oil and gas developments in China and internationally, booked a net profit of $11.18 billion (79.7…
https://en.energytoday.ir/chinas-oil-giant-cnooc-books-record-high-profit-as-output-jumps/
U.S. Electricity Demand for 2024 Likely Peaked in July
U.S. power generation and electricity demand have risen this year to the highest in at least three years but the 2024 demand likely peaked in July amid peak air conditioning and cooling consumption, Reuters columnist Gavin Maguire reports, citing data from LSEG. U.S. power generation in the Lower 48 states rose by 3.4% between January…
https://en.energytoday.ir/u-s-electricity-demand-for-2024-likely-peaked-in-july/
Azerbaijan’s Renewable Energy Surge: 20 Years of Growth
Analysis of data from the State Statistics Committee, the Ministry of Energy, and the State Agency for Renewable Energy Sources, as compiled by the Media Analysis Center (MTM), reveals significant growth in Azerbaijan's renewable energy sector, Azernews reports. Since President Ilham Aliyev's announcement of the "National Program for Renewable Energy in the Republic of Azerbaijan"…
https://en.energytoday.ir/azerbaijans-renewable-energy-surge-20-years-of-growth/
U.S. Expands Sanctions on Entities Involved in Russia’s Arctic LNG 2
The U.S. State Department is intensifying efforts to derail Russia’s Arctic LNG 2 exports by targeting companies involved in the development of the project and vessels found to have loaded LNG from the facility. Located in the Gydan Peninsula in the Arctic, the Arctic LNG 2 project was considered key to Russia’s efforts to boost…
https://en.energytoday.ir/u-s-expands-sanctions-on-entities-involved-in-russias-arctic-lng-2/
Namibia Plans to Become the Fifth Largest Oil Producer in Africa
Namibia has ambitions to become one of the largest oil producers in Africa by 2035, with an average output of half a million barrels daily, displacing Egypt in the top five list, a government official has said. “With four floating production storage and offloading units deployed by 2035, we could be producing more than half…
https://en.energytoday.ir/namibia-plans-to-become-the-fifth-largest-oil-producer-in-africa/
Iraq Submits Updated Compensation Plan to OPEC
The Organization of Petroleum Exporting Countries (OPEC) said on Thursday that it received updated compensation plans from Iraq and Kazakhstan for their overproduced volumes for the first seven months of 2024. According to assessments made by independent sources, OPEC said that Iraq overproduced 1.44 million barrels per day from January to July, and Kazakhstan overproduced…
https://en.energytoday.ir/iraq-submits-updated-compensation-plan-to-opec/
Is China’s Demand for Oil Nearing Its Peak?
Uncertainty about Chinese oil demand has become the single most important bearish factor for oil. Every time analysts cite lower prices it is because of uncertainty about Chinese demand—or the potential certainty that this demand is not going higher. As the world’s largest importer of oil, the Asian powerhouse has pretty understandable significance for oil…
https://en.energytoday.ir/is-chinas-demand-for-oil-nearing-its-peak/
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/