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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
SOMO: Iraq Cancels 1M Barrels of Crude, Defers more to Meet OPEC+ Targets
Iraq has canceled a 1-million-barrel spot crude sale and will defer two more shipments as part of efforts to comply with its OPEC+ production targets, following overproduction in the first half of the year, a senior official from the state oil marketer SOMO said on August 29 and reported by S&P Global. The three deferred…
https://en.energytoday.ir/somo-iraq-cancels-1m-barrels-of-crude-defers-more-to-meet-opec-targets/
Shell Plans 20% Cut in Oil and Gas Exploration Workforce
Shell is looking to reduce its oil and gas exploration workforce by 20%, reported Reuters, citing sources. The news comes as CEO Wael Sawan makes cost-saving measures to the upstream division, which significantly contributes to the company’s earnings. According to sources, the planned cuts will affect offices globally, notably in Houston, the Hague and Britain.…
https://en.energytoday.ir/shell-plans-20-cut-in-oil-and-gas-exploration-workforce/
Economic Uncertainty Dampens Jet Fuel Demand Outlook
Back in June, the global oil market appeared poised for a resurgence, buoyed by a promising uptick in jet fuel demand. The International Air Transport Association (IATA) projected that passenger numbers would hit a record high this year, sparking hopes of a robust recovery for the beleaguered aviation sector. At the time, Oilprice.com highlighted the…
https://en.energytoday.ir/economic-uncertainty-dampens-jet-fuel-demand-outlook/
Weak Demand in China Weighs on Middle East Oil Price Outlook
hings have taken a bad turn for the Middle East. Asia, by far the largest demand hub for Saudi Arabia, Iraq or the United Arab Emirates, seems to be going through the same stage of weakness that Europe and the United States were in the spring. Not buying enough, depleting crude inventories and generally expecting…
https://en.energytoday.ir/weak-demand-in-china-weighs-on-middle-east-oil-price-outlook/
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/
Libya’s Oil Production Plunges 63% due to Oilfield Closures
Libya's National Oil Corporation said on Friday that recent oilfield closures have caused the loss of approximately 63% of the country's total oil production, as a conflict between rival eastern and western factions continues. The North African country's oil blockade has widened, with eastern leaders demanding western authorities back down over the replacement of the…
https://en.energytoday.ir/libyas-oil-production-plunges-63-due-to-oilfield-closures/
Indian Refiner Expects Domestic Fuel Demand to Rise by 5% Annually
Fuel demand in the world’s third-largest crude oil importer, India, is set to rise by between 4% and 5% per year for the “foreseeable” future, G. Krishnakumar, chairman of India’s state-controlled refiner Bharat Petroleum Corporation Ltd (BPCL), said on Friday. At the same time, Indian consumption of petrochemicals is expected to increase at an even…
https://en.energytoday.ir/indian-refiner-expects-domestic-fuel-demand-to-rise-by-5-annually/
Why OPEC can’t Afford to Reverse Oil Output Cuts
https://en.energytoday.ir/why-opec-cant-afford-to-reverse-oil-output-cuts-2/
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/