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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
Europe’s Natural Gas and Power Prices Jump as Cold Snap Begins
Power prices in Finland jumped to record-high levels as a deep freeze in Europe began in the Arctic parts of the Nordic countries and is set to move south to northwest Europe in the weekend and next week, creating additional energy demand and leading to higher electricity and natural gas prices. In Finland and Sweden,…
https://en.energytoday.ir/europes-natural-gas-and-power-prices-jump-as-cold-snap-begins/
Iraq’s Untapped Gas Potential: A Turning Point in Global Energy?
Iraq has potentially huge gas reserves but its failure so far to properly develop them has led to three key problems for itself and the global energy markets. First, it has left the country dependent on neighbouring Iran for up to 40 percent of its energy requirements, which are imported through gas and electricity supplies.…
https://en.energytoday.ir/iraqs-untapped-gas-potential-a-turning-point-in-global-energy/
EU Tightens Restrictions on Russian Oil and Gas Exports
The U.S. and its key allies on the West and the East continue to tighten the noose around Russian exports of oil and gas and with them, the ability to finance its ongoing invasion of Ukraine and to support Iranian attempts to widen the rolling Israel-Hamas War. Several new agreements were made at both the…
https://en.energytoday.ir/eu-tightens-restrictions-on-russian-oil-and-gas-exports/
Will US LNG Exports Reroute to Avoid both the Panama and Suez Canals?
Liquefied natural gas cargoes recently loaded from the US and bound for Asia are changing course for longer voyages lasting more than a month as they avoid the Red Sea, according to ship-tracking data on Bloomberg. The diversions highlight a shift in global trade flows after Houthi attacks in the crucial waterway forced hundreds of…
https://en.energytoday.ir/will-us-lng-exports-reroute-to-avoid-both-the-panama-and-suez-canals/
ADNOC Signs LNG Deal with Unit of China’s ENN
ADNOC has signed an agreement for the supply of LNG to ENN LNG (Singapore), a wholly owned subsidiary of China-based ENN Natural Gas. Under the 15-year heads of agreement, ADNOC will deliver at least 1mtpa of LNG to ENN LNG (Singapore). The LNG will be mainly sourced from ADNOC’s low-carbon Ruwais LNG project in Al…
https://en.energytoday.ir/adnoc-signs-lng-deal-with-unit-of-chinas-enn/
Iran Expands Production Capacity in South Azadegan Oil Field
On Saturday, Iran decided to add 60 new wells to boost production capacity in the South Azadegan oil field, Iran's largest field, shared with its neighbor Iraq. The head of the National Iranian Oil Company (NIOC), Mohsen Khojasteh-Mehr, announced the news, adding that the southern Azadegan field's production capacity has seen a significant increase with…
https://en.energytoday.ir/iran-expands-production-capacity-in-south-azadegan-oil-field/
EIA: Iraqi Oil Exports to the US Declined Last Week
Iraqi oil exports to the United States declined during the week of December 16-22, according to the U.S. Energy Information Administration (EIA). The EIA's latest weekly data showed that U.S. imports of crude oil from Iraq averaged 22,000 barrels per day (b/d) during the week, down by 63,000 b/d from the previous week's average of…
https://en.energytoday.ir/eia-iraqi-oil-exports-to-the-us-declined-last-week/
Iran’s GDP Growth Stands at 4.7% in H1
Iran's gross domestic product (GDP) including oil grew 4.7 percent in the first half of the current Iranian calendar year (March 21 – September 22) compared to the same period last year, according to the Central Bank of Iran (CBI). Based on the CBI data, the figure was 3.6 percent excluding oil, IRNA reported. As…
https://en.energytoday.ir/irans-gdp-growth-stands-at-4-7-in-h1/
Russia to Cut Oil Exports from Sea Ports in January
Russia is planning to scale back oil exports from its sea ports next month by between 100,000 and 200,000 barrels per day compared to December levels, according to industry sources familiar with Russia’s export plans. The reason for the scaleback, the anonymous sources told Reuters, is increased throughput at its own refineries. Kpler pegged Russia’s…
https://en.energytoday.ir/russia-to-cut-oil-exports-from-sea-ports-in-january/
Oil Prices Steady before Holiday
Crude oil prices were trading slightly down on Friday afternoon, just hours before the weekend and the Christmas holiday, reasonably unaffected by Angola’s decision to quit OPEC. The price of a barrel of WTI was trading at $74.03, $0.07 down on the day, or a 0.09% dip. Last year, the Friday before Christmas saw WTI…
https://en.energytoday.ir/oil-prices-steady-before-holiday/
Russia’s LNG Export Plans Suffer Setbacks due to Sanctions
Potential contract cancellations for the construction of ice-class LNG carriers and U.S. sanctions on the latest Russian LNG export project could hamper Russia’s plans to boost LNG sales now that its pipeline route to Europe is largely cut off. There aren’t enough ice-class LNG tankers built to carry LNG from the Arctic LNG 2 project…
https://en.energytoday.ir/russias-lng-export-plans-suffer-setbacks-due-to-sanctions/
LNG Shipping Rates Slump on Lower Demand despite Red Sea Chaos
It’s getting cheaper — at least for now — to rent a liquefied natural gas tanker, despite turmoil in the Red Sea that is forcing some vessels to take longer and more costly routes. The slump in LNG shipping rates started in late November but accelerated this week, with prices in the Pacific basin tumbling…
https://en.energytoday.ir/lng-shipping-rates-slump-on-lower-demand-despite-red-sea-chaos/
5 Million Barrels of Russian Oil Stuck En Route to India
Nearly five million barrels of Sokol grade crude oil from Russia is languishing en route to Indian refiners, caught in a sanctions trap for a month, Bloomberg News reported on Wednesday. According to Bloomberg, citing tanker tracker data, one tanker, the NS Century, remains stuck near Sri Lanka due to U.S. Treasury Department sanctions on…
https://en.energytoday.ir/5-million-barrels-of-russian-oil-stuck-en-route-to-india/
EIA Reports Significant Build in Oil and Fuel Stocks
Crude oil prices moved lower today after the U.S. Energy Information Administration reported an estimated inventory increase of 2.9 million barrels for the week to December 15. This followed a weekly inventory decline of 4.3 million barrels for the previous week. The estimate also came out a day after the American Petroleum Institute reported its…
https://en.energytoday.ir/eia-reports-significant-build-in-oil-and-fuel-stocks/
Red Sea Attacks could Spark Spike in Gasoline Prices
Oil prices have spiked and could remain elevated as companies try and find alternative cargo routes following vessel attacks in the Red Sea. International benchmark Brent crude has shot up to $79.35/bbl as of this morning, having opened on Monday at $77.24/bbl. The attacks, which have been occurring daily since Monday, are believed to have…
https://en.energytoday.ir/red-sea-attacks-could-spark-spike-in-gasoline-prices/
Russian Fuel Exports Jump to 8-Month High
A surge in fuel oil exports pushed Russia’s refined petroleum product shipments in the four weeks to December 31 to the highest level in eight months, data from Vortexa compiled by Bloomberg showed on Friday. Russian oil product exports averaged nearly 2.7 million barrels per day (bpd) in the four weeks to December 31, up…
https://en.energytoday.ir/russian-fuel-exports-jump-to-8-month-high/
Germany Boasts Record Renewable Capacity Additions in 2023
Germany installed a record-high power capacity from solar and wind in 2023, but only solar additions met government targets, while wind power installations fell short of goals. Booming residential demand resulted in the installation of over a million new solar power systems with a combined capacity of 14 GW in 2023, an 85% surge year-over-year,…
https://en.energytoday.ir/germany-boasts-record-renewable-capacity-additions-in-2023/
China to Seek Rare Exemption from Sanctions on Russia’s Latest LNG Project
Chinese state energy giants plan to ask the United States for exemptions from the fresh sanctions on Russia’s Arctic LNG 2 project in a rare request to the U.S. as LNG deliveries could be threatened, Bloomberg reported on Friday, citing sources familiar with the issue. The U.S. imposed last month fresh sanctions on Russia’s Arctic…
https://en.energytoday.ir/china-to-seek-rare-exemption-from-sanctions-on-russias-latest-lng-project/
Equinor Sells Its Azerbaijan Assets to Socar
Equinor and SOCAR (State Oil Company of Azerbaijan Republic) have signed an agreement whereby Equinor will divest all its remaining assets in Azerbaijan to SOCAR. The assets comprise a 7.27% non-operated interest in the Azeri Chirag Gunashli (ACG) oil fields in the Azerbaijan sector of the Caspian Sea, 8.71% interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline…
https://en.energytoday.ir/equinor-sells-its-azerbaijan-assets-to-socar/
U.S. Shatters Oil Production Records in 2023
The U.S. set a new annual oil production record on December 15, based on data from the Energy Information Administration. Although the official monthly numbers from the EIA won’t be released for a couple of months, we can calculate that a new record has been set based on the following analysis. For reference, the previous…
https://en.energytoday.ir/u-s-shatters-oil-production-records-in-2023/
Carbon Capture: A Crucial Tool or a Costly Distraction?
While experts are sceptical about carbon capture and storage (CCS) technology, it’s not stopping companies worldwide from investing heavily in the equipment as a means of decarbonisation. As oil and gas firms strive to continue pumping oil for so long as demand and national regulations permit, they must quickly find a way to decrease their…
https://en.energytoday.ir/carbon-capture-a-crucial-tool-or-a-costly-distraction/
OPEC Nations Affirm Commitment to Group after Angola’s Exit over Production Dispute
OPEC nations Iraq, Nigeria and the Republic of Congo affirmed their commitment to the oil-producer group following the exit of Angola last week. “We reiterate our firm support for unity and cohesion at the heart of OPEC and OPEC+,” Congo’s Minister of Hydrocarbons, Bruno Jean-Richard Itoua, said in a statement. “Each member, whether African or…
https://en.energytoday.ir/opec-nations-affirm-commitment-to-group-after-angolas-exit-over-production-dispute/
SOCAR Expands Influence in Caspian Basin with Equinor Deal
Equinor is exiting Azerbaijan by selling all its oil and gas assets there to Azeri state energy firm SOCAR, the Norwegian major said on Friday. For an undisclosed sum, Equinor will divest all its assets in Azerbaijan, which include a 7.27% non-operated interest in the huge Azeri Chirag Gunashli (ACG) oil fields in the Caspian…
https://en.energytoday.ir/socar-expands-influence-in-caspian-basin-with-equinor-deal/
Asia-Bound U.S. LNG Cargoes Avoid the Red Sea Route
Several cargoes of LNG loaded in recent days at U.S. export facilities and bound for Asia have changed course shortly after departing to avoid crossing the Red Sea, which has become theater of daily attacks on commercial vessels by the Iran-aligned Houthis from Yemen. Several vessels have indicated they would not transit the Suez Canal…
https://en.energytoday.ir/asia-bound-u-s-lng-cargoes-avoid-the-red-sea-route/
Over $1 bn in Non-Oil Goods Exported via Mehran Border
The head of Ilam Customs reported that more than two million tons of goods, valued at over $1.169 billion, were exported from Mehran Border Crossing in the first eight months of the current Iranian calendar year. Miragha Abdi conveyed in an interview with Mehr News Agency that over 500 truck drivers transport domestically manufactured products…
https://en.energytoday.ir/over-1-bn-in-non-oil-goods-exported-via-mehran-border/
China Steps up Shale Gas Exploration, Production
China's natural gas consumption hit an all-time high this weekend amid a cold wave that froze parts of the country. One of the biggest gas importers in the world, China must have felt its dependency on external supply particularly acutely this weekend. But it is working to change things, boosting domestic output and focusing on…
https://en.energytoday.ir/china-steps-up-shale-gas-exploration-production/
Challenging New Discoveries could Slow China’s Oil Production Growth
China could see its oil production growth taper off in the coming years as the recent new discoveries could prove challenging to develop while output at mature fields declines, according to analysts and forecasters. Since 2019, China has boosted its crude oil production every year, by around 2% per year, as the state-owned oil giants…
https://en.energytoday.ir/challenging-new-discoveries-could-slow-chinas-oil-production-growth/
Chinese Banks Lead $120 Billion Global Financing for Coal Projects
Chinese lenders arranged three-fourths of all the $120 billion in global financing for coal projects last year, new research from BloombergNEF showed on Wednesday. Chinese banks accounted for a massive 76%, or $93 billion, of the arranged financing for coal projects last year, followed by U.S. banks, which were at a distant second with $10…
https://en.energytoday.ir/chinese-banks-lead-120-billion-global-financing-for-coal-projects/
The Remarkable Rise of Qatar as a Diplomatic Powerhouse
Qatar remains by far the biggest exporter of liquefied natural gas (LNG) in the Middle East, and one of the top three in the world, together with the U.S. and Australia. Alongside this, though, since Russia’s invasion of Ukraine on 24 February 2022, it has accomplished something of a geopolitical miracle. It has overcome extraordinary…
https://en.energytoday.ir/the-remarkable-rise-of-qatar-as-a-diplomatic-powerhouse/
Adnoc Signs 15-Year LNG Supply Deal with China’s ENN Natural Gas
Adnoc has signed a 15-year agreement with ENN LNG, the Singapore subsidiary of China’s ENN Natural Gas, for the delivery of at least a million metric tonnes a year of liquefied natural gas. The LNG will primarily be sourced from Adnoc’s Ruwais LNG project in Abu Dhabi, with deliveries expected to start in 2028 after…
https://en.energytoday.ir/adnoc-signs-15-year-lng-supply-deal-with-chinas-enn-natural-gas/