94
IRAN Energy News Agency 📬 Office: Unit 32. No 26. Dr Mossadegh St. Mirdamad St. Tehran. Iran ☎️ Tel: +98-2126413997 https://en.iranenergy.news
Oil Prices Dip after Strongest Weekly Rise in over a Year
Oil prices fell on Monday after posting their steepest weekly rise in over a year last week as oversupply concerns amid softer demand countered the worries of a wider Middle East war disrupting exports in the key producing region. Brent crude futures fell 31 cents, or 0.4%, to $77.74 per barrel by 0435 GMT. US…
https://en.energytoday.ir/oil-prices-dip-after-strongest-weekly-rise-in-over-a-year/
Japan and South Korea to Expand Initiative to Cut Methane Emissions
The Japanese government announced a decision Sunday to expand a Japan-South Korea cooperation framework aimed at reducing emissions of methane from natural gas development projects. Twenty-two Japanese companies, including Kansai Electric Power, Tokyo Gas and trader Mitsubishi, will newly join the framework, according to the government. The government made the announcement at a meeting of…
https://en.energytoday.ir/japan-and-south-korea-to-expand-initiative-to-cut-methane-emissions/
Libya Looks to Diversify Its Energy Mix
Libya is focusing on developing its renewable energy potential, particularly solar and wind power, to reduce its dependence on oil and enhance energy security. The country’s renewable energy efforts are supported by international partnerships with organizations like the EU, UNDP, and countries like Italy. Despite facing political challenges and a history of reliance on oil,…
https://en.energytoday.ir/libya-looks-to-diversify-its-energy-mix-2/
EIA: Iraqi Oil Exports to US Decline over the week
The US Energy Information Administration (EIA) announced on Sunday that Iraqi oil exports to the US had dropped during the past week. "In a span of a week, the US imports of crude oil from 10 major countries amounted to 5.744 million bpd, up by 343,000 bpd from the previous week, which was 5.401 million…
https://en.energytoday.ir/eia-iraqi-oil-exports-to-us-decline-over-the-week/
Libya Looks to Diversify Its Energy Mix
After facing huge hurdles in oil and gas production, Libya is now striving to develop its renewable energy capacity and diversify its energy mix to establish greater energy security. Over the last decade, Libya has worked hard to get its oil industry back on track in the face of major political disruptions and a lack…
https://en.energytoday.ir/libya-looks-to-diversify-its-energy-mix/
Oil Prices Set for a Strong Weekly Gain as Middle East Conflict Escalates
Crude oil prices were set to end the week with substantial gains pushed higher by the latest events in the Middle East. Both Brent crude and West Texas Intermediate were about 8% higher on Friday morning in Asian trade than they were at the start of the week. The jump follows Iran’s missile barrage on…
https://en.energytoday.ir/oil-prices-set-for-a-strong-weekly-gain-as-middle-east-conflict-escalates/
UK Announces $29 Billion for Carbon Capture Projects
The U.K. government on Oct. 4 announced investment of nearly 22 billion pounds ($28.8 billion) in projects to capture and store carbon emissions created by industry and energy production. The money will fund "carbon capture clusters" in Merseyside, northwest England, and Teesside, northeast England. The new Labour government has launched a new public-owned body, Great…
https://en.energytoday.ir/uk-announces-29-billion-for-carbon-capture-projects/
Petrobras Announces Huge Gas Discovery in Colombia
Petroleum giant Petrobras announced Thursday the discovery of natural gas deposits in Colombia that could double the South American country's known reserves even as it seeks to transition away from hydrocarbons. But it also coincides with a government drive to stop extracting fossil fuels as it transitions to a low-carbon economy. The "huge discovery" of…
https://en.energytoday.ir/petrobras-announces-huge-gas-discovery-in-colombia/
Germany Undecided on Whether to Support EU Tariffs on Chinese EVs
Germany hasn’t decided yet if it would support the EU’s plans to officially introduce tariffs on electric vehicles imported from China, the chief economic adviser of German Chancellor Olaf Scholz told Bloomberg TV on Tuesday. The EU earlier this year imposed provisional tariffs of up to 36% on EVs imported from China, on top of…
https://en.energytoday.ir/germany-undecided-on-whether-to-support-eu-tariffs-on-chinese-evs/
UAE’s Oil Giant ADNOC to Buy Chemicals Firm Covestro in $16-Billion Deal
Following a year of negotiations, Abu Dhabi’s oil company ADNOC has agreed to buy Germany’s chemicals giant Covestro in a deal worth $16.3 billion (14.7 billion euros) including debt, the German group said on Tuesday. ADNOC will make a takeover offer at $68.86 (62.00 euros) per Covestro share, which is set to be accepted by…
https://en.energytoday.ir/uaes-oil-giant-adnoc-to-buy-chemicals-firm-covestro-in-16-billion-deal/
Kazakhstan in Talks with China to Increase Natural Gas Exports
Kazakhstan is negotiating an increase in natural gas exports to China including via a new pipeline, Bloomberg has reported, noting this would put Kazakhstan in a competition with Turkmenistan and Russia. “Despite reports of an economic slowdown in China, the demand for gas continues to grow,” Sanzhar Zharkeshov, chief executive officer at Kazakh national gas…
https://en.energytoday.ir/kazakhstan-in-talks-with-china-to-increase-natural-gas-exports/
Japan LNG Lobby Urges Government to Help Negotiate Better Contracts
Japan’s liquefied natural gas buyers — among the world’s biggest — are struggling to ensure supply contracts are flexible enough, and need the government to help negotiate better terms, according to the head of an industry lobby group. So-called destination clauses that limit the on-selling of shipments make it harder for companies to commit to…
https://en.energytoday.ir/japan-lng-lobby-urges-government-to-help-negotiate-better-contracts/
Dispute over Oil-Rich Islands Brings Two OPEC Producers to Court
The International Court of Justice (ICJ) in The Hague on Monday began hearings in a dispute between OPEC’s African members Equatorial Guinea and Gabon over several small islands in an area in the Gulf of Guinea thought to contain significant oil resources. The dispute, running for around 50 years, is over the 30-hectare (74-acre) island…
https://en.energytoday.ir/dispute-over-oil-rich-islands-brings-two-opec-producers-to-court/
India’s Fuel Exports Surge as European Supply Drops
Petroleum product exports from India have soared to the highest level in two and a half years as maintenance season in Europe is stoking demand for fuels from other sources. Indian exports of fuels such as gasoline, diesel, and jet fuel, soared by 39% in September compared to a year earlier. At 1.5 million barrels…
https://en.energytoday.ir/indias-fuel-exports-surge-as-european-supply-drops/
Libya to Resume Oil Production and Exports Following Central Bank Agreement
https://en.energytoday.ir/libya-to-resume-oil-production-and-exports-following-central-bank-agreement/
Turkish Seismic Vessel Heads to Somalia for Oil and Gas Exploration
Turkey has dispatched its seismic research vessel Oruc Reis to Somalia following the oil and gas cooperation deal signed early this year. This is the first intercontinental mission for the vessel since it was commissioned in 2017, significantly expanding Turkey’s exploration capabilities. In a ceremony to send off the vessel on Saturday, Turkish President Recep…
https://en.energytoday.ir/turkish-seismic-vessel-heads-to-somalia-for-oil-and-gas-exploration/
IEA Warns of Complicated Global Gas Supply as Winter Approaches
The International Energy Agency (IEA) warned that rising global gas consumption and geopolitical tensions may complicate supply as countries approach winter, the German news agency dpa reported. According to the agency’s latest report, industrial demand, particularly from Asia, is driving a significant increase in gas usage. The agency projected global gas demand to rise by…
https://en.energytoday.ir/iea-warns-of-complicated-global-gas-supply-as-winter-approaches/
Italy’s Eni in Talks with Japan on Supplying LNG
Italian energy company Eni is in talks with Japan on supplying the country with liquefied natural gas (LNG), Cristian Signoretto, Eni’s director for global gas and LNG portfolio, told reporters on the sidelines of a conference on Sunday. “We already deal with Japanese buyers on a short-term basis and we would like to expand that…
https://en.energytoday.ir/italys-eni-in-talks-with-japan-on-supplying-lng/
Solar and Wind Energy Prices Plummet to Record Lows
Europe has experienced negative energy prices several times this year, as the rapid pace of development of solar and wind energy outpaces the region’s ability to cope with excess supply. Electricity prices dropped into negative figures for 7,841 hours during the first eight months of 2024, sometimes to as much as -$22 per megawatt hour,…
https://en.energytoday.ir/solar-and-wind-energy-prices-plummet-to-record-lows/
Exxon Warns of Oil Price Impact on Q3 Earnings
https://en.energytoday.ir/exxon-warns-of-oil-price-impact-on-q3-earnings/
IEA: Global Natural Gas Demand to Increase by 2.5% in 2024
Global gas demand is projected to rise by more than 2.5 per cent in 2024, with a similar growth expected in 2025, according to the latest edition of the International Energy Agency (IEA’s) annual Global Gas Security Review. Natural gas reserves in Africa totaled over 17.89 trillion standard cubic meters in 2023, with Nigeria housing…
https://en.energytoday.ir/iea-global-natural-gas-demand-to-increase-by-2-5-in-2024/
Japan Companies Unite to Cut Methane Emissions from LNG Supply
Twenty-two Japanese utilities and trading houses are joining an initiative that aims to leverage their buying power to curb methane emissions from liquefied natural gas supply chains, as pressure mounts globally to curb the harmful greenhouse gas. Companies joining the Coalition for LNG Emission Abatement Toward Net Zero initiative include all of Japan’s major power…
https://en.energytoday.ir/japan-companies-unite-to-cut-methane-emissions-from-lng-supply/
Global Stocks Dip, Oil Gains Further on Middle East Conflict
Global stocks dipped as European and Asian share indexes broadly retreated on Thursday, while oil prices rose further as markets weighed the risk of a widening Middle East conflict. Euro zone stocks were last down 0.8 per cent, as investors digested weak business activity survey data from the bloc, while MSCI’s all-country index also slipped…
https://en.energytoday.ir/global-stocks-dip-oil-gains-further-on-middle-east-conflict/
Nigeria Set to Approve Exxon’s $1.3-Billion Shallow Water Asset Sale
Nigeria’s government is set to approve within days the proposed $1.3-billion sale of ExxonMobil’s shallow water assets to local firm Seplat, Nigerian President Bola Tinubu said on Tuesday. The U.S. supermajor announced two years ago its intention to sell its shallow water business in Nigeria to Seplat, the biggest Nigerian energy company by market value,…
https://en.energytoday.ir/nigeria-set-to-approve-exxons-1-3-billion-shallow-water-asset-sale/
Oil Prices Jump more than $1 as Middle East Tensions Escalate
https://en.energytoday.ir/oil-prices-jump-more-than-1-as-middle-east-tensions-escalate/
TotalEnergies Set to Make $10B Investment Decision Offshore Suriname
TotalEnergies is preparing to make a $10-billion-plus final investment decision for a massive oil and gas development project offshore Suriname, as the French giant eyes Exxon’s success in maritime neighbor Guyana, Reuters reported on Monday, exclusively, citing unnamed sources. Earlier this month, TotalEnergies announced the launch of development studies for the project in Block 58,…
https://en.energytoday.ir/totalenergies-set-to-make-10b-investment-decision-offshore-suriname/
Libya’s Oil Production Set to Resume on October 1
After last week’s deal on the leadership of the Central Bank, Libya is set to resume crude oil production on October 1, Italian news agency Agenzia Nova reported on Monday, citing Libyan parliamentary sources. Crude production at most Libyan oilfields has been suspended for over a month after the country’s eastern and western administrations clashed…
https://en.energytoday.ir/libyas-oil-production-set-to-resume-on-october-1/
Analysts Cut Oil Price Forecasts for Fifth Month in a Row
Despite the geopolitical risk premium, oil prices are set to remain under pressure, weighed down by slower-than-expected demand and uncertainty about OPEC+’s unwinding of the production cuts, according to the analysts in the monthly Reuters poll who cut their price forecasts for a fifth consecutive month. In last month’s poll, weaker Chinese oil demand and…
https://en.energytoday.ir/analysts-cut-oil-price-forecasts-for-fifth-month-in-a-row/
Analyzing the Risk of Nuclear Conflict in Europe
In the latest grim uptick of Russia's nuclear weapons policy, President Vladimir Putin suggested on September 25 that the Kremlin could use nuclear weapons against any state attacking Russia if that country was supported by a nuclear power. If Russia were to launch a massive nuclear strike on Ukraine or Western Europe, there is not…
https://en.energytoday.ir/analyzing-the-risk-of-nuclear-conflict-in-europe/
EIA Reports Decline in Iraqi Oil Exports to the US
Iraqi oil exports to the United States decreased last week, according to the US Energy Information Administration (EIA) on Sunday. The EIA reported that the average US crude oil imports from eight key countries reached 5.645 million barrels per day (bpd) last week, decreased by 142.000 bpd from the previous week’s average of 5.787 million…
https://en.energytoday.ir/eia-reports-decline-in-iraqi-oil-exports-to-the-us/