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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
Eight OPEC+ Members Extend Oil Supply Cuts until Year-End
Eight members of the OPEC+ group of oil-producing nations said on Sunday they were extending supply cuts until the end of December. The move is aimed at boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent US presidential election, though analysts predict a limited impact. The eight countries “have…
https://en.energytoday.ir/eight-opec-members-extend-oil-supply-cuts-until-year-end/
Belgium is Building World’s First Artificial Energy Island in the North Sea
The North Sea is famous as one of Europe's top crude production sites, with the UK and Norway accounting for about 80% of the region's output. Unfortunately, the North Sea has already entered a phase of terminal decline. Last year, the oil basin produced 34 m tonnes of oil, its lowest since production was established…
https://en.energytoday.ir/belgium-is-building-worlds-first-artificial-energy-island-in-the-north-sea/
Chinese EV Makers Retreat from Europe as Trade Tensions Rise
As we have reported over the last year, EU authorities have been doing everything in their power to stifle EV production based in China, fearing that the lower cost models coming from the east are warping the European market and putting domestic producers at a disadvantage. Now as part of its ongoing jousting with European…
https://en.energytoday.ir/chinese-ev-makers-retreat-from-europe-as-trade-tensions-rise/
Iceland could become First Nation to Get Solar Power from Space in 2030
One of the complaints when it comes to solar power is that you usually have to link it to batteries. Even in areas with plenty of sun, you cannot have sunlight 24/7 all year round. At least, not on Earth. In space, however, you can. For decades, people have been considering options and possibilities of…
https://en.energytoday.ir/iceland-could-become-first-nation-to-get-solar-power-from-space-in-2030/
Japan Makes Progress in Melted Fuel Extraction from Fukushima Nuclear Reactor
The operator of Japan's Fukushima nuclear complex has said that it moved a "pebble-like" piece of melted fuel just outside a reactor container as part of its attempt to retrieve the radioactive debris for the first time since the plant was damaged by a massive earthquake and tsunami in 2011. Tokyo Electric Power Company Holdings…
https://en.energytoday.ir/japan-makes-progress-in-melted-fuel-extraction-from-fukushima-nuclear-reactor/
Natural Gas Transmission Exceeds 130 bcm in H1
Gas transmission through Iran’s natural gas network reached 133 billion cubic meters (bcm) in the first six months of the current Iranian calendar year (March 20-September 21), Iranian Gas Transmission Company (IGTC)’s Managing Director Peyman Khazraei announced. Khazraei said 74 percent of the overhaul plans and development goals of the company for the current year…
https://en.energytoday.ir/natural-gas-transmission-exceeds-130-bcm-in-h1/
Saudi Arabia may Cut December Oil Prices for Asia
Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia in December, tracking weakness in Middle East benchmark Dubai, trade sources said. Price cuts for Saudi oil would signal weak demand and provide more evidence for the Organization of the Petroleum Exporting Countries, led by Saudi Arabia,…
https://en.energytoday.ir/saudi-arabia-may-cut-december-oil-prices-for-asia/
Oil Traders Uncertain as OPEC+ Weighs December Surprise
Oil traders can't seem to agree on where OPEC+ will steer production next, and it's anyone's guess if the cartel's December hike is still on the table. OPEC+ has touted plans for a boost, but the group's go-to mantra—adjusting output based on market 'realities'—is giving traders pause. According to a Bloomberg poll published on Wednesday,…
https://en.energytoday.ir/oil-traders-uncertain-as-opec-weighs-december-surprise/
Armenia-Azerbaijan Peace Talks Gain Momentum after BRICS Summit
https://en.energytoday.ir/armenia-azerbaijan-peace-talks-gain-momentum-after-brics-summit/
BP and Shell Brace for Profit Drop
BP and Shell are expected to post lower profits this week as the supermajors grapple with weak oil prices and a global slowdown in demand. BP is due to publish its third-quarter earnings on Tuesday, while Shell will report its results on Thursday. Earlier this month, the FTSE 100 firms warned of falling profit margins…
https://en.energytoday.ir/bp-and-shell-brace-for-profit-drop/
European Gas Futures Retreat from 2024 Highs
Europe’s benchmark natural gas prices slumped on Monday from their 2024 high from last week as Israel’s retaliation for the Iranian missile strike was limited in scope and targets and avoided energy infrastructure in Iran. Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, were trading down by 3% to $45.68 (42.20 euros)…
https://en.energytoday.ir/european-gas-futures-retreat-from-2024-highs/
PetroChina Set to Close Its Biggest Refinery in 2025
State oil giant PetroChina plans to shut its largest Chinese refinery in 2025 after years of considering moving the processing to a smaller site, anonymous sources told Reuters on Monday. PetroChina has been thinking for years to shut its Dalian Petrochemical plant in downtown Dalian, north China. The 410,000-barrels per day refinery accounts for about…
https://en.energytoday.ir/petrochina-set-to-close-its-biggest-refinery-in-2025/
Russia Claims to be Developing Nuclear-Powered Submarines to Deliver Arctic LNG to Asia
Russia is pressing ahead with a whole new form of gas transport, unveiling designs for nuclear-powered submarines to ferry LNG from the Arctic to Asia. The Kurchatov Institute, Russia’s leading research and development institution in the field of nuclear energy, is working with energy giant Gazprom to build the underwater gas carriers, with delegates attending…
https://en.energytoday.ir/russia-claims-to-be-developing-nuclear-powered-submarines-to-deliver-arctic-lng-to-asia/
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/
Oil Prices Spike after OPEC+ Delays Production Cut Decision
Crude oil prices started the week with a gain of over $1 per barrel following reports that OPEC+ had decided to postpone a planned partial rollback of its production cuts. The group was supposed to bring back some 180,000 barrels daily in supply from December but it had conditioned that move on the price environment.…
https://en.energytoday.ir/oil-prices-spike-after-opec-delays-production-cut-decision/
Iraq Reduces Oil Production to 3.3 Million Barrels per Day
The Iraqi Ministry of Oil said on Friday that Iraq has reduced its oil production to 3.3 million barrels per day in line with its commitment to the OPEC+ agreement. The Oil Ministry clarified in a statement that the current reduction will continue over the coming months to ensure that production remains within the limits…
https://en.energytoday.ir/iraq-reduces-oil-production-to-3-3-million-barrels-per-day/
Europe’s Gas Crisis isn’t over despite Full Storage
A year ago, European politicians declared the gas crisis from the near-complete halt of Russian supplies was over. The EU had turned to alternative natural gas suppliers, assuring there would be enough to prevent shortages and steep prices. These assurances now appear premature. Last week, European benchmark gas prices hit the highest in a year…
https://en.energytoday.ir/europes-gas-crisis-isnt-over-despite-full-storage/
China Launches Largest Floating Wind Turbine in the World
China recently unveiled what it says is the largest and most powerful floating offshore wind turbine in the world. The reason this is being viewed as a substantial claim is that the country is now announcing record breaking floating wind turbine technology in the one major area of renewable energy where it does not currently…
https://en.energytoday.ir/china-launches-largest-floating-wind-turbine-in-the-world/
Turkey Intends to Discuss Special Price for Russia Natural Gas
Turkey wants to discuss with Russia the special price of natural gas being imported from Russia, announced the Minister of Energy and Natural Resources of Turkey, Alparslan Bayraktar. "In 2023, we signed a [natural] gas contract with Russia at very special prices. We have such a program for 2024 and 2025. Of course, we have…
https://en.energytoday.ir/turkey-intends-to-discuss-special-price-for-russia-natural-gas/
China Rolls out Plan to Promote Nuclear Technology Application Industry
China aims to see the annual direct economic output value of its nuclear technology application industry hit 400 billion yuan (about 56 billion U.S. dollars) by 2026. The target was set in an action plan, recently jointly released by China Atomic Energy Authority, the National Development and Reform Commission and other departments, which aims to…
https://en.energytoday.ir/china-rolls-out-plan-to-promote-nuclear-technology-application-industry/
EU Reports Record Drop in Emissions as RE Surges
Earth-warming emissions by European Union economies fell by an aggregate 8.3 percent in 2023 compared to 2022, helped by growth in renewable power production, the European Commission reported Thursday. Last year marks the second-biggest annual drop in EU greenhouse gas emissions in decades, after 2020, when the coronavirus pandemic drove a 9.8 percent year-on-year drop…
https://en.energytoday.ir/eu-reports-record-drop-in-emissions-as-re-surges/
Vietnamese EV Maker Gets $1 Billion in Funding Led by UAE
Vietnam’s electric vehicle manufacturer VinFast Auto is expected to receive at least $1 billion in overseas funding led by Emirates Driving Company (EDC), Abu Dhabi’s leading driver training and road safety institute, Bloomberg reported on Wednesday, quoting a source with knowledge of the agreement. VinFast and its parent company, Vingroup, earlier this week signed strategic…
https://en.energytoday.ir/vietnamese-ev-maker-gets-1-billion-in-funding-led-by-uae/
TotalEnergies to Produce more Gas Condensate Offshore Denmark
https://en.energytoday.ir/totalenergies-to-produce-more-gas-condensate-offshore-denmark/
Geopolitical Tensions Cast Shadow over EV Industry
Chinese EV battery maker SVOLT is shuttering operations in Europe on the heels of a yearslong regulatory conflict between European lawmakers and EV manufacturing based in China. As we have reported over the last year, EU authorities have been doing everything in their power to stifle EV production based in China, fearing that the lower…
https://en.energytoday.ir/geopolitical-tensions-cast-shadow-over-ev-industry/
UAE’s Renewable Energy Giant Pushes back Green Hydrogen Targets
Masdar, the clean energy giant of the United Arab Emirates (UAE), has pushed back its target to reach 1 million tons per year of green hydrogen capacity beyond 2030, the company’s press office told Bloomberg on Monday. Masdar, which initially targeted this capacity by 2030, will now aim to reach it over the next decade,…
https://en.energytoday.ir/uaes-renewable-energy-giant-pushes-back-green-hydrogen-targets/
Egypt to Double down on Natural Gas
Egypt has played a leading role in the global energy market for several decades, as a major producer of both oil and gas, as well as a vital transportation hub for energy products. Despite disruptions, caused mainly by national political unrest and geopolitical challenges in recent years, Egypt remains a major energy power in Africa.…
https://en.energytoday.ir/egypt-to-double-down-on-natural-gas/
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/