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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
Oil Majors Set to Sanction $125 Billion Upstream Projects in 2024
International oil and gas majors and the Middle East’s national oil companies are expected to give the green light this year to up to 30 projects, worth a total investment of $125 billion and holding an estimated 14 billion barrels of oil equivalent (boe) of resources. That’s the estimate in Wood Mackenzie’s latest analysis of…
https://en.energytoday.ir/oil-majors-set-to-sanction-125-billion-upstream-projects-in-2024/
Germany Adds Fourth FSRU further Expanding Imports and LNG Supply Stability
Germany’s liquefied natural gas (LNG) import capacity is set to increase by up to five billion cubic meters (bcm) following the arrival of the floating storage and regasification unit (FSRU) Energos Force at the port of Stade. It is the first unit to be positioned in Stade and the fourth overall in Germany, all introduced…
https://en.energytoday.ir/germany-adds-fourth-fsru-further-expanding-imports-and-lng-supply-stability/
Libya Records Biggest Monthly Increase in Oil Supplies in Africa
Libya recorded the biggest monthly increase in oil production in Africa, surpassing Nigeria, the continent's largest producer. Libya's production increase on a monthly basis to 1,167 million barrels of oil per day in February, compared to 1,023 million barrels per day last January, a daily increase of 144.000 barrels per day, according to OPEC's report…
https://en.energytoday.ir/libya-records-biggest-monthly-increase-in-oil-supplies-in-africa/
EV Makers Worried about Europe’s Charging System
Carmakers preparing new EV models in a bid to take over the European market are worried grid and charging network constraints could challenge sales. According to a Bloomberg report, executives from some of the largest carmakers are flagging a lack of fast-enough grid expansion and the absence of a single charging standard. “It needs to…
https://en.energytoday.ir/ev-makers-worried-about-europes-charging-system/
EIA Raises Crude Oil Price Outlook
The Energy Information Administration lifted its outlook for Brent crude oil prices for this year and next, the agency said in a Tuesday report. The EIA now sees the spot price for Brent crude oil averaging $87 per barrel, according to the latest edition of the Short-Term Energy Outlook published on Tuesday. That’s up 5.6%…
https://en.energytoday.ir/eia-raises-crude-oil-price-outlook/
Indian Steelmaker Plans to Build Europe’s most Advanced Rail Mill
One of India’s fastest-growing steel companies JSW Steel, recently announced the next step in its growth plan. In a major steel news event, JSW Steel Italy SRL inked a memorandum of understanding (MoU) with the Italian government to re-start production operations at the Piombino plant via a €140 million investment. According to JSW Steel, the…
https://en.energytoday.ir/indian-steelmaker-plans-to-build-europes-most-advanced-rail-mill/
U.S. Remains World’s Largest Oil Producer for Sixth Year in a Row
The United States produced more crude oil than any other country in 2023, for the sixth year in a row, with production averaging 12.9 million barrels per day, up from 12.3 million bpd in 2019, which set a global record at the time, according to the Energy Information Administration (EIA). The U.S. also set a…
https://en.energytoday.ir/u-s-remains-worlds-largest-oil-producer-for-sixth-year-in-a-row/
Oil Prices Set to End the Week with a Minor Gain
Crude oil prices are set to end the week with a modest gain on expectations that OPEC+ will extend its production cap deal, tightening supply further. OPEC initially agreed to reduce combined supply by 2.2 million bpd over the first quarter of the year and meet in early March to decide whether it should extend…
https://en.energytoday.ir/oil-prices-set-to-end-the-week-with-a-minor-gain/
Ukraine Steel Giant Faces 31% Drop in Steel Production
Ukrainian metals and mining group Metinvest recently reported a 31% decrease year on year in its crude steel production for 2023, citing Russia’s ongoing invasion of the country. On February 16, the company announced its decision to halt steel manufacturing activities at its assets in Mariupol, Avdiivka, and Zaporizhzhia. This includes the Azovstal, Ilyich Steel,…
https://en.energytoday.ir/ukraine-steel-giant-faces-31-drop-in-steel-production/
Oil Prices Inch Higher as U.S. Crude Inventories Rise, OPEC+ Considers Extending Production Cuts
https://en.energytoday.ir/oil-prices-inch-higher-as-u-s-crude-inventories-rise-opec-considers-extending-production-cuts/
After Sweden, Denmark Ends Investigation into Nord Stream Pipeline Explosions
Denmark has ended its investigation concerning the explosions on the Nord Stream 1 and 2 gas pipelines that occurred in September 2022, becoming the second country to do so. Germany, Sweden and Denmark each initiated respective national investigations into the incident after four gas leaks were found on the Nord Stream 1 and 2 pipelines…
https://en.energytoday.ir/after-sweden-denmark-ends-investigation-into-nord-stream-pipeline-explosions/
Azerbaijan Eyes Increased Gas Exports to Europe with Support from U.S.
Azerbaijani Energy Minister Parviz Shahbazov visited Washington on February 20-21. He held meetings with senior U.S. officials and secured an agreement that could be a significant step towards boosting Azerbaijani gas exports to Europe. The sides "agreed to cooperate in the direction of US support for the expansion" of the Southern Gas corridor - the…
https://en.energytoday.ir/azerbaijan-eyes-increased-gas-exports-to-europe-with-support-from-u-s/
India Raises its Long-Term Power Demand Forecast
India has raised by 5% its previous projection for peak electricity demand in the financial year 2031-2032, due to surging demand last year that outpaced the government’s forecasts, sources with knowledge of the latest forecast told Bloomberg on Monday. In the FY 2031-2032, between April 2031 and March 2032, India expects to have electricity demand…
https://en.energytoday.ir/india-raises-its-long-term-power-demand-forecast/
Oil Declines with Strong Dollar Dragging Prices down
Oil prices drifted lower on Monday over strong US dollar pressure as investors await Thursday’s release of the Personal Consumption Expenditures (PCE) price index, the US Fed’s preferred measure of price fluctuations and an importance gauge in its next monetary policy decision. International benchmark Brent crude traded at $80.60 per barrel at 10.33 a.m. local…
https://en.energytoday.ir/oil-declines-with-strong-dollar-dragging-prices-down/
China’s Aluminum Sales to EU Plunge 30% Due to New Carbon Tariff
Earlier this week, the China Nonferrous Metals Industry Association reported a 30% decline in the volume of aluminum products exported from China to the European Union. Aluminum manufacturing analysts quickly pointed out that this most likely resulted from the bloc’s 2023 carbon border tariff. The EU’s Carbon Border Adjustment Mechanism (CBAM) represents a new way…
https://en.energytoday.ir/chinas-aluminum-sales-to-eu-plunge-30-due-to-new-carbon-tariff/
Iraq Reveals Developments in Resuming Oil Export via Turkey
The Iraqi Ministry of Oil revealed, on Saturday the latest developments in the work of technical committees between Baghdad and Erbil to resolve the issue of oil exports from the fields of the Kurdistan Region (KRI) through the Turkish port of Ceyhan. The ministry's spokesperson Asim Jihad told Shafaq News Agency that "technical committees are…
https://en.energytoday.ir/iraq-reveals-developments-in-resuming-oil-export-via-turkey/
Turkey to Ramp up Gas Production 8-Fold by 2050
Turkey is expected to reach natural gas production of 13 billion cubic meters annually by 2050, enough to power Istanbul and Ankara for 12 months, positioning it between Western markets and major energy suppliers in the Middle East and Russia, Azernews reports, citing Anadolu Agency. According to information compiled by Anadolu from the latest report…
https://en.energytoday.ir/turkey-to-ramp-up-gas-production-8-fold-by-2050/
Poland to Sink $16 Billion in Energy Grid to Handle Renewables
Poland is set to spend $16 billion on upgrading and expanding its power grid to accommodate additional renewable and nuclear capacity, the country’s power grid operator said on Friday. Grid operator PSE said that its draft investment plan includes more than 3,000 miles of 400 kV transmission lines in a push to hasten the transition…
https://en.energytoday.ir/poland-to-sink-16-billion-in-energy-grid-to-handle-renewables/
Norway’s Ambitious Plan to Store Carbon Dioxide in the North Sea
Norway has big plans to pump waste carbon from oil and gas operations and heavy industry under the seabed of the North Sea to be stored safely underground. It believes this method will be key to decarbonizing its fossil fuel activities in the coming years and supporting a green transition. However, some fear that this…
https://en.energytoday.ir/norways-ambitious-plan-to-store-carbon-dioxide-in-the-north-sea/
IEA, OPEC Divergence on Oil Demand becomes Too Big to Ignore
Ever since the International Energy Agency switched from a pure-play information provider to an advocate of the energy transition, its forecasts about oil demand have shifted to increasingly reflect this advocacy. This has led to a growing divergence between the IEA's and OPEC's outlooks on the future of the commodity, increasing the risk of confusion…
https://en.energytoday.ir/iea-opec-divergence-on-oil-demand-becomes-too-big-to-ignore/
Big Oil Pursues African Expansion despite Challenges
Investments in new oil production have been stalling since about 2014. This has led many to suggest that higher prices for longer are on the cards, supported by anti-oil industry energy policies in key jurisdictions that are home to the largest private producers. Yet a case might be made that although lower, the oil industry's…
https://en.energytoday.ir/big-oil-pursues-african-expansion-despite-challenges/
Saudi Arabia Likely to Keep Oil Prices to Asia Unchanged
Saudi Arabia is expected to announce in a few days little changes to the price of its crude going to Asia in April, amid a rise in Middle Eastern oil benchmarks, a Reuters survey of refiners showed on Friday. Saudi Aramco, the world’s top crude oil exporter, is set to keep the price of its…
https://en.energytoday.ir/saudi-arabia-likely-to-keep-oil-prices-to-asia-unchanged/
Egypt Signs 7 Green Energy Deals with Global Developers
Egypt has signed seven memorandums of understanding (MoUs) with international developers and government entities in the fields of green hydrogen and renewable energy, the Egyptian State Information Service said Wednesday. Prime Minister Mostafa Madbouly and a number of ministers attended the signing ceremony for the agreements at the government headquarters in the new administrative capital,…
https://en.energytoday.ir/egypt-signs-7-green-energy-deals-with-global-developers/
Russia’s LNG Cargoes Bound for China Avoid the Red Sea
https://en.energytoday.ir/russias-lng-cargoes-bound-for-china-avoid-the-red-sea/
Russia’s next Nuclear Icebreaker will be Named “Leningrad”
https://en.energytoday.ir/russias-next-nuclear-icebreaker-will-be-named-leningrad/
BP to Invest $1.5 Billion in Egypt as Country’s Gas Output Falls
BP Plc plans to invest about $1.5 billion in Egypt during the next few years as it seeks to develop gas projects and drilling in the North African country. The spending, which will be net to BP, follows the London-based major's announcement earlier this month it will form a gas-focused joint venture in Egypt with…
https://en.energytoday.ir/bp-to-invest-1-5-billion-in-egypt-as-countrys-gas-output-falls/
Red Sea Crisis and OPEC+ Cuts Support Oil Prices
Brent Crude prices have held above $80 per barrel for most of February, with signs pointing to a tightening in the physical market as OPEC+ production cuts continue and the rerouting of cargoes away from the Red Sea and the Suez Canal drags on. European refiners are looking for Atlantic Basin cargoes as arrivals from…
https://en.energytoday.ir/red-sea-crisis-and-opec-cuts-support-oil-prices/
Researchers Create Ethylene from CO2
Engineers at the University of Cincinnati created a more efficient way of converting carbon dioxide into valuable products while simultaneously addressing climate change. The study paper has been published in the journal Nature Chemical Engineering. In his chemical engineering lab in UC’s College of Engineering and Applied Science, Associate Professor Jingjie Wu and his team…
https://en.energytoday.ir/researchers-create-ethylene-from-co2/
Qatar Extends North Field, Targets even more LNG Production
QatarEnergy (QE) will target 142 million tonnes per year of LNG production before 2030, up from its previous goal of 126mn tpy by 2027. QE president and CEO Saad Sherida Al-Kaabi, also the Minister of State for Energy Affairs, set out the plans for the expansion at a press conference in Doha on February 25.…
https://en.energytoday.ir/qatar-extends-north-field-targets-even-more-lng-production/
ExxonMobil’s Record Profits Defy Political Expectations
The oil industry has historically been politically conservative. In turn, Democratic politicians have often been hostile toward the industry. Nevertheless, oil companies have recorded some of their largest profits during Democratic administrations. For example, neither President Obama nor President Biden was cozy with the oil industry, but the industry profited enormously under both presidents. The…
https://en.energytoday.ir/exxonmobils-record-profits-defy-political-expectations/