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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
BP Walks back Green Targets amid Market Realities
In February 2020, then-brand-new chief executive Bernard Looney told the world that one of the oldest and biggest oil companies in the world was going to become a net-zero company by 2050. To achieve this, it would slash its oil and gas production by 40% by 2030. Four years and one major crisis later, BP…
https://en.energytoday.ir/bp-walks-back-green-targets-amid-market-realities/
EIA: Surge in Iraqi Oil Exports to the US
Iraqi oil exports to the United States increased last week, according to the US Energy Information Administration (EIA.) The EIA reported on Sunday that the average US crude oil imports from ten key countries reached 5.647 million barrels per day (bpd) last week, an increase of 640.000 bpd from the previous week’s average of 5.007…
https://en.energytoday.ir/eia-surge-in-iraqi-oil-exports-to-the-us/
Russia’s Arctic LNG 2 Project Put on Ice with no Restart Plans
Russia's Novatek recently halted operations at its Arctic LNG 2 project, and it has no plans to restart it this winter, according to an anonymous Reuters source familiar with the matter. The development is a significant setback for the country's gas ambitions. This project, primarily located on the Gydan Peninsula in the Arctic and majority-owned…
https://en.energytoday.ir/russias-arctic-lng-2-project-put-on-ice-with-no-restart-plans/
UK Targets Russia’s Shadow Fleet with New Oil Tanker Sanctions
The UK on Thursday imposed the largest round of sanctions to date against Russia’s shadow fleet, designating additional 18 oil tankers and four LNG tankers as it seeks to cut critical revenues for Vladimir Putin. In June, the previous UK government explicitly targeted vessels identified as belonging to the shadow fleet, used by Russia to…
https://en.energytoday.ir/uk-targets-russias-shadow-fleet-with-new-oil-tanker-sanctions/
Russia’s Lukoil Visits Baghdad to Discuss Oil Projects in Iraq
Recently, a delegation from the Russian oil corporation Lukoil visited Baghdad to meet with Iraqi Prime Minister Mohammed Shia Al-Sudani to discuss matters about the company’s activities in the country. Lukoil gave a thorough update on their current activities in Iraq’s West Qurna 2 and Eridu oil fields, emphasizing the advancements made in carrying out…
https://en.energytoday.ir/russias-lukoil-visits-baghdad-to-discuss-oil-projects-in-iraq/
Europe’s Renewable Power Prices Drop
Moderating inflation and reduced market volatility compared to 2022 and 2023 resulted in lower prices for renewable electricity in power purchase agreements across Europe. During the third quarter of 2024, power purchase agreements (PPAs) for electricity sourced from renewable energy showed a 12.4% decline in price, compared to the same period of 2023, according to…
https://en.energytoday.ir/europes-renewable-power-prices-drop/
BMW Says EU Ban on Gasoline Cars from 2035 is “no Longer Realistic”
Germany’s car manufacturing giant BMW is warning that an EU ban on the sale of gasoline and diesel cars from 2035 is “no longer realistic” amid slow EV sales as the European auto industry will see a “massive shrinking” with such a ban. European carmakers are already struggling with their EV sales as subsidies in…
https://en.energytoday.ir/bmw-says-eu-ban-on-gasoline-cars-from-2035-is-no-longer-realistic/
Iraq Exports over 5 Million Barrels of Oil to US in September
The US Energy Information Administration (EIA) announced on Tuesday that Iraq exported more than five million barrels of crude oil to the United States in September. Iraq’s exports of oil to the United States in September reached 5.97 million barrels, representing an increase compared to the country’s oil exports to the US in August, when…
https://en.energytoday.ir/iraq-exports-over-5-million-barrels-of-oil-to-us-in-september/
EU Debates Future of Russian Gas Imports as Ukraine Pipeline Deal Nears End
European energy ministers are weighing two options for importing Russian natural gas, which continues to flow into the EU despite the war in Ukraine, Bloomberg reported on Oct. 15. At a meeting in Luxembourg, ministers from the EU's 27 member countries are set to discuss their readiness for the upcoming winter, given that a key…
https://en.energytoday.ir/eu-debates-future-of-russian-gas-imports-as-ukraine-pipeline-deal-nears-end/
CNOOC Sees Record Oil and Gas Output from Independent Field
China National Offshore Oil Corporation (CNOOC) has revealed a record cumulative production of 9 billion m3 of natural gas and more than 900 000 m3 of crude oil from the Deep Sea #1 field. Production from the field is set to rise further as CNOOC, China’s third-largest national oil company, completes the second phase of…
https://en.energytoday.ir/cnooc-sees-record-oil-and-gas-output-from-independent-field/
OPEC Oil Production Dipped by 600,000 Bpd in September amid Libyan Blockade
OPEC’s crude oil production slumped by 604,000 barrels per day (bpd) in September compared to August, as Libya’s output was largely halted amid a political standoff and Iraq moved to improve compliance with the OPEC+ cuts. All 12 OPEC producers pumped on average 26.04 million bpd of crude last month, down by 604,000 bpd from…
https://en.energytoday.ir/opec-oil-production-dipped-by-600000-bpd-in-september-amid-libyan-blockade/
Gas Crunch Looms as Demand Outpaces Supply Growth
Natural gas demand is set to increase more than previously expected, the International Energy Agency reported recently. Demand will remain strong next year as well, the agency predicted, warning that this might lead to a problematic situation with supply—because that’s not growing fast enough. Just a year ago, the International Energy Agency predicted that oil…
https://en.energytoday.ir/gas-crunch-looms-as-demand-outpaces-supply-growth/
Can Libya’s Oil Sector Survive the Storm?
Libya’s oil production experienced a significant decline due to a political crisis that lasted for a month. The crisis involved tensions between rival factions and led to the closure of important oil fields and ports. Output dropped by over 80%, from 1.2 million barrels per day (bpd) to approximately 500,000 bpd. The appointment of Nagy…
https://en.energytoday.ir/can-libyas-oil-sector-survive-the-storm/
Turkey Expects Concrete Developments on Gas Hub within Months
Energy and Natural Resources Minister Alparslan Bayraktar on Thursday said Turkey anticipates "concrete developments" regarding the planned regional natural gas hub project in the coming months. In 2022, Russia proposed setting up a gas hub in Turkey to replace lost sales to Europe, supporting Ankara's long-held desire to function as an exchange for energy-starved countries.…
https://en.energytoday.ir/turkey-expects-concrete-developments-on-gas-hub-within-months/
China is Winning the Race for Ultra-Fast Charging EV Batteries
The world's biggest battery makers are working to make electric vehicles more attractive to hesitant buyers by offering a five-minute charge time for a decent range that would give drivers the same superfast experience as they would have at a gas station. Currently, the charging times for EVs range anywhere from 20 minutes to 50…
https://en.energytoday.ir/china-is-winning-the-race-for-ultra-fast-charging-ev-batteries/
Southeast Asia will be a Major Energy Power for the next Decade
Southeast Asia’s role in the global energy system is set to grow strongly over the next decade, according to the International Energy Agency’s (IEA) most recent publication. The region will contribute heavily both to energy production as well as global demand, as its population expands rapidly, and several countries undergo industrialization. Several emerging economies, such…
https://en.energytoday.ir/southeast-asia-will-be-a-major-energy-power-for-the-next-decade/
US Shale Gas Production Declines for the First Time since 2000
U.S. natural gas production from shale and tight formations, which accounts for 79% of dry natural gas production, decreased slightly in the first nine months of 2024 compared with the same period in 2023. If this trend holds for the remainder of 2024, it would mark the first annual decrease in U.S. shale gas production…
https://en.energytoday.ir/us-shale-gas-production-declines-for-the-first-time-since-2000/
China’s Crude Oil Refining Hits Three-Month Low
Crude oil refining in China fell to the lowest in three months in September as more refineries closed for regular seasonal maintenance. Even so, oil prices will likely suffer a negative impact from the news, as it also revealed refining since the start of the year was down 1.6%. Chinese refineries processed 58.73 million tons…
https://en.energytoday.ir/chinas-crude-oil-refining-hits-three-month-low/
EU Has Storage Capacity to Survive End of Ukraine Gas Transit
Even if supply from Russia via Ukraine ends, the European Union can still meet its natural gas needs in next year’s winter by utilizing the bloc’s storage facilities and rolling back consumption before the peak season, according to a new industry analysis. The transit contract between the two warring countries ends December, leaving the Turkstream…
https://en.energytoday.ir/eu-has-storage-capacity-to-survive-end-of-ukraine-gas-transit/
Oman’s National Oil Company Raises $2B in Record-Breaking IPO
Oman’s national oil company OQ’s upstream business part, OQ Exploration and Production (OQEP), reports that its landmark initial public offering (IPO) has raised $2 billion. The latter is a clear sign that national and international interest in GCC-based oil companies is still very high. The IPO result makes OQEP the largest listed company on the…
https://en.energytoday.ir/omans-national-oil-company-raises-2b-in-record-breaking-ipo/
Rosatom Eyes Massive Expansion by 2045
Russia's state nuclear energy corporation, Rosatom, is set to present its long-term strategic development plan in 2025, mapping out its vision through 2045. This announcement came from Rosatom CEO Alexei Likhachev during a meeting with President Vladimir Putin. The timing coincides with the 80th anniversary of Russia's nuclear industry. The plan outlines ambitious goals for…
https://en.energytoday.ir/rosatom-eyes-massive-expansion-by-2045/
India Plans $109 Billion of Grid Investments to Boost Renewables
India plans a massive upgrade and expansion of its power transmission system, expecting investment opportunities of $109 billion to support the integration of renewable energy sources and storage solutions, the power ministry has said. India’s new National Electricity Plan (Transmission) envisages the addition of hundreds of thousands of kilometers of transmission lines, transformation capacity, and…
https://en.energytoday.ir/india-plans-109-billion-of-grid-investments-to-boost-renewables/
African Nations Plan to Launch their own Energy Bank
African countries are planning to launch their own financing vehicle for oil and gas projects in the face of growing pressure from Western financial institutions to abandon the development of these resources. The group of 18 states needs $5 billion to kickstart what it calls an energy bank. They call themselves the African Petroleum Producers…
https://en.energytoday.ir/african-nations-plan-to-launch-their-own-energy-bank/
Azerbaijan’s Gas Output may Surpass Oil Production, Says Rystad Energy
Azerbaijan's gas production is poised to outpace its oil output, driven by a series of significant projects in the pipeline, Rystad Energy, an independent research and business intelligence firm, told Trend. The country's upstream gas sector is on track for substantial growth, aiming to increase gas output by 51% to 40 billion cubic meters per…
https://en.energytoday.ir/azerbaijans-gas-output-may-surpass-oil-production-says-rystad-energy/
OPEC Reports Slight Increase in Iran Oil Output in September
Iran’s oil production continued to rise in September despite a global decline in output and restrictions imposed on the country’s exports because of US sanctions. Latest data by the Organization of the Petroleum Exporting Countries (OPEC) cited by local news agencies on Monday showed that Iran’s oil output had increased by 0.6% in September to…
https://en.energytoday.ir/opec-reports-slight-increase-in-iran-oil-output-in-september/
China’s Coal Imports Jumped to a Record High in September
Chinese imports of coal surged to a monthly high in September, driven by increased consumption and falling international coal prices. China imported last month a total of 47.59 million metric tons of coal, a 13% increase from September 2023, data from the country’s General Administration of Customs showed on Monday. Coal-fired power generation has returned…
https://en.energytoday.ir/chinas-coal-imports-jumped-to-a-record-high-in-september/
Non-Oil Exports to Russia Rise 12% in 6 Months on Year
The value of Iran’s non-oil exports to Russia rose 12 percent in the first six months of the current Iranian calendar year (March 20-September 21) compared to last year’s first half, the Islamic Republic of Iran Customs Administration (IRICA) data showed. According to the mentioned data, Iran exported 1.3 million tons of commodities worth over…
https://en.energytoday.ir/non-oil-exports-to-russia-rise-12-in-6-months-on-year/
Renewable Energy Surge Lowers UK Blackout Risk
The U.K. has been gradually boosting its energy security by increasing its renewable energy capacity while continuing to produce natural gas. It has done this while also moving away from the ‘dirtiest’ fossil fuel, coal. The diversification of the U.K.’s energy mix is helping the island country to develop its resilience and help it accelerate…
https://en.energytoday.ir/renewable-energy-surge-lowers-uk-blackout-risk/
U.S. Imposes New Sanctions on Iran’s Oil, Petrochemical Sectors
The United States has introduced a fresh wave of sanctions targeting Iran's oil and petrochemical industries, following Iran’s retaliatory missile attacks on Israeli military and intelligence facilities earlier this month. The sanctions, announced by the U.S. Treasury Department on Friday, are aimed at intensifying financial pressure on Iran, restricting its ability to generate revenue from…
https://en.energytoday.ir/u-s-imposes-new-sanctions-on-irans-oil-petrochemical-sectors/
Kazakhstan’s Production Turns into Friction Point with OPEC+
Kazakhstan has been one of the “rogue” members of OPEC+, regularly producing more oil than it was supposed to under the bloc’s output cap agreement. Now, it seems that Kazakhstan has done it again, potentially heightening internal tensions within OPEC+. Reuters reported this week that Kazakhstan’s largest field, Tengiz, had hit record-high production levels since…
https://en.energytoday.ir/kazakhstans-production-turns-into-friction-point-with-opec/