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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
Saudi Arabia Discovers 7 more Oil, Gas Deposits
The Kingdom of Saudi Arabia has discovered seven oil and gas deposits in the Kingdom’s Eastern Province and Empty Quarter, the Saudi Press Agency reported. According to SPA, Prince Abdulaziz bin Salman, energy minister announced the discovery on Monday, citing that Saudi Aramco had discovered two unconventional oil fields, a reservoir of light Arabian oil,…
https://en.energytoday.ir/saudi-arabia-discovers-7-more-oil-gas-deposits/
Oil Prices Set to Post another Weekly Gain
Despite a dip yesterday on weak economic data from the United States, crude oil prices were set to end the week with another gain, extending their latest upward streak to a full month. Oil is now at the highest level since April with Brent crude adding some 9% over the past four weeks, according to…
https://en.energytoday.ir/oil-prices-set-to-post-another-weekly-gain/
India’s Steel Industry Battles Cheap Chinese Imports
China has included a Tesla model for the first time in its list of cars the government and party can use as a service car, according to Chinese media. Tesla’s Model Y can now be purchased by government, party, and public organizations in the new batches of new energy vehicle (NEV) procurement, official Chinese media…
https://en.energytoday.ir/indias-steel-industry-battles-cheap-chinese-imports/
Oil Rises on US Crude Inventory Draw, Mideast Tensions
Oil prices rose on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, while the market kept tabs on flaring tensions in the Middle East. Brent crude futures edged up 47 cents or 0.5% to $86.71 per barrel at 0330 GMT, touching a 10-week high. U.S. West Texas Intermediate crude futures climbed…
https://en.energytoday.ir/oil-rises-on-us-crude-inventory-draw-mideast-tensions/
Global Crude Oil Shipments Fall in June on Saudi Export Slump
Falling crude oil exports from Saudi Arabia accounted for half of the 1 million barrels per day (bpd) drop in global seaborne shipments in June compared to May, tanker-tracking data compiled by Bloomberg showed on Tuesday. The estimated decline of about 1.08 million bpd in global crude oil shipments was the biggest monthly drop in…
https://en.energytoday.ir/global-crude-oil-shipments-fall-in-june-on-saudi-export-slump/
Steel Industry Reacts to Import Caps and Tariffs with Cautious Approach
Via Metal Miner Sources said that steel manufacturing entities in northern Europe are unlikely to seek price increases on hot rolled coil until July, despite events since May that could create conditions to raise them. “If you do that, you seem very opportunistic,” one source told MetalMiner. Mills were seeking €630-650 ($675-695) per metric ton…
https://en.energytoday.ir/steel-industry-reacts-to-import-caps-and-tariffs-with-cautious-approach/
German Firms Install Solar Panels to Cut Electricity Costs
Germany’s small and medium-sized companies are increasingly turning to solar power to cover their electricity consumption as energy prices in Europe’s biggest economy haven’t dropped much despite the fall in natural gas prices compared to the peak energy crisis. “As electricity prices in Germany show no signs of decreasing as previously anticipated, companies are increasingly…
https://en.energytoday.ir/german-firms-install-solar-panels-to-cut-electricity-costs/
Rystad Predicts near Zero Oil Supply Growth in 2024
Rystad Energy on Monday projected that global oil supply growth would slow in 2024 and potentially the following year, due to the extension of OPEC+ voluntary cuts and the cartel’s demand forecast. Based on the most recent OPEC+ guidance, total global oil supply growth will be near zero in 2024, which could render this year…
https://en.energytoday.ir/rystad-predicts-near-zero-oil-supply-growth-in-2024/
U.S. Trailing China’s next-Generation Nuclear Power by 10 to 15 Years
The United States is likely 10 to 15 years behind China in deploying fourth-generation nuclear reactors at scale, as Chinese authorities are strongly backing the domestic industry with policies and financing, a new report by Washington-based research institute Information Technology & Innovation Foundation showed on Monday. China supports its domestic nuclear power development with extensive…
https://en.energytoday.ir/u-s-trailing-chinas-next-generation-nuclear-power-by-10-to-15-years/
Steel Prices Stall as European Economies Slow
Market sources report that hot rolled coil steel prices in northern and southern Europe continued to decline in recent weeks due to slowing economies in Europe as well as overcapacity. “I’m a little scared about Germany,” one trader told MetalMiner, referring to that country’s current economic situation. Germany’s economy is the largest in the European…
https://en.energytoday.ir/steel-prices-stall-as-european-economies-slow/
Kazakhstan Strengthens China-Russia Trade Links with Railway Expansion
Kazakhstan Railways is bolstering its presence in both China and Russia to cement the Central Asian state’s role as a hub for both Europe- and Russia-bound freight rail traffic originating in East Asia. Kazakh President Kassym-Jomart Tokayev, speaking via video link, inaugurated a Kazakhstan Railways (KTZ) logistics and innovation center in the central Chinese city…
https://en.energytoday.ir/kazakhstan-strengthens-china-russia-trade-links-with-railway-expansion/
OPEC Sec Gen: Peak Oil Demand not on the Horizon
In the 1990s and 2000s, the world regularly saw column inches devoted to the theory of peak oil supply, amplified by voices like Colin Campbell and Matthew Simmons. Decades later, however, it has still not come to pass, as enhanced economics and constant improvement in technology have helped lower costs and open up new frontiers…
https://en.energytoday.ir/opec-sec-gen-peak-oil-demand-not-on-the-horizon/
China’s Decades-Long Oil Boom may Falter this Year
China’s decades-long boom in oil processing could falter this year in a blow to global demand and the aspirations of OPEC+ producers seeking to return supply to the market, reports Bloomberg. Oil refining in the world’s top crude importer is expected to be flat or fall for the first time in data that extends back…
https://en.energytoday.ir/chinas-decades-long-oil-boom-may-falter-this-year/
OPEC’s Trillion-Dollar Bet against U.S. Shale
Since 2008, the shale boom has grown U.S. oil production by about 9 million barrels per day. In the early days of the shale boom, when it wasn’t clear whether this development would have a significant impact, it was largely ignored by OPEC. By late 2014, as U.S. oil production growth was approaching 5 million…
https://en.energytoday.ir/opecs-trillion-dollar-bet-against-u-s-shale/
Russia Vows to Meet OPEC+ Target after Exceeding Oil Output Quota in May
Russia will reach its oil production quota in June after exceeding its target output under the OPEC+ deal in May, the Russian Energy Ministry said on Thursday. Russia slightly exceeded its OPEC+ quota in May, based on data from independent sources monitoring the agreement, the ministry said, adding that “the issue with overproduction will be…
https://en.energytoday.ir/russia-vows-to-meet-opec-target-after-exceeding-oil-output-quota-in-may/
TotalEnergies Set to Leave Gas-Condensate Discoveries Offshore South Africa
TotalEnergies is planning to exit its gas-condensate finds off the South African coast, reported Bloomberg, citing sources familiar with the matter. Instead, the French oil and gas major plans to focus on exploration opportunities closer to Namibia. In 2019, TotalEnergies made a discovery at the Brulpadda field, braving one of the world’s fastest ocean currents…
https://en.energytoday.ir/totalenergies-set-to-leave-gas-condensate-discoveries-offshore-south-africa/
Australia could be Hit by Natural Gas Shortage in 2027
Australia’s east coast could see shortages of natural gas as early as in 2027 unless more supply is made available soon, the Australian Competition and Consumer Commission (ACCC) said in a report on Thursday, adding another warning about the domestic market of one of the world’s biggest LNG exporters. “Long-term solutions to gas market shortfalls…
https://en.energytoday.ir/australia-could-be-hit-by-natural-gas-shortage-in-2027/
Saudi Aramco Bids for Australian Energy Major
Saudi Aramco is considering a takeover bid for Australian energy major Santos, Bloomberg has reported, citing unnamed sources, who also said the UAE’s Adnoc was also studying an offer for the company. The bids were a demonstration of Middle Eastern energy companies’ interest in expanding their natural gas business internationally, the report said. This would…
https://en.energytoday.ir/saudi-aramco-bids-for-australian-energy-major/
EU Gas Imports in First Quarter down YoY
The volume of natural gas imported into the European Union fell by over 11 percent in the first quarter of 2024 compared to the same three-month period a year ago, while the value was more than halved, official figures showed. “The significant decrease in value reflected the declining prices of natural gas after the price…
https://en.energytoday.ir/eu-gas-imports-in-first-quarter-down-yoy/
Asia’s Rising Emissions Offset Western Climate Progress
Global CO2 equivalent emissions grew by 2.1% in 2023, crossing 40 billion metric tons for the first time. This category of emissions is the sum of carbon dioxide emissions from energy, carbon dioxide emissions from flaring, and methane emissions (in carbon dioxide equivalent). This news, reported by the recently published 2024 Statistical Review of World…
https://en.energytoday.ir/asias-rising-emissions-offset-western-climate-progress/
Shell to Temporarily Halt European Biofuels Project
Shell will pause on-site construction work at a biofuels plant in Rotterdam amid weak market conditions, the supermajor said on Tuesday, as international oil firms continue to re-evaluate their low-carbon energy projects. Shell’s subsidiary Shell Nederland Raffinaderij will temporarily pause on-site construction work at its 820,000 tons-a-year biofuels facility at the Shell Energy and Chemicals…
https://en.energytoday.ir/shell-to-temporarily-halt-european-biofuels-project/
Shell Secures Major LNG Supply Boost with Pavilion Energy Deal
Shell Eastern Trading Pte. Ltd., a subsidiary of Shell plc, has announced an agreement with Carne Investments Pte. Ltd., an indirect wholly-owned subsidiary of Temasek, to acquire 100 percent of the shares in Pavilion Energy Pte. Ltd, Trend reports. This acquisition includes Pavilion Energy’s global LNG trading business, with a contracted supply volume of approximately…
https://en.energytoday.ir/shell-secures-major-lng-supply-boost-with-pavilion-energy-deal/
Oil Prices Surge as Risk Appetite Improves, Covering Gains
Oil prices rallied on Monday, extending their biggest weekly gain since early April, supported by improving risk sentiment in broader markets and ongoing short-covering. According to Bloomberg, West Texas Intermediate (WTI) crude futures settled above $80 a barrel for the first time in a month, accelerating gains after prices breached their 200-day moving average. Brent…
https://en.energytoday.ir/oil-prices-surge-as-risk-appetite-improves-covering-gains/
The Race for Green Hydrogen Dominance is Heating up
Several regions of the world are battling to achieve green hydrogen dominance by rapidly developing their hydrogen production capacity, transport infrastructure, and hydrogen corridors. While Asia and the Middle East are rapidly building their production capabilities, Europe is focusing on connectivity to ensure it can transport hydrogen across borders. Hydrogen is seen as key to…
https://en.energytoday.ir/the-race-for-green-hydrogen-dominance-is-heating-up/
Is China’s Oil Demand Set for a Major Bounce back?
Since the mid-1990s, China’s extraordinary economic expansion almost singlehandedly drove a supercycle in key commodities prices it required to power such growth, including oil and gas. In 2013, it became the world’s largest net importer of total petroleum and other liquid fuels and, as late as 2017, its still high rate of economic growth allowed…
https://en.energytoday.ir/is-chinas-oil-demand-set-for-a-major-bounce-back/
Russia Dethrones U.S. as Top EU Natural Gas Supplier
Russia became the biggest supplier of natural gas to Europe last month, for the first time since 2022, replacing the United States at the top spot. “It’s striking to see the market share of Russian gas and [liquefied natural gas] inch higher in Europe after all we have been through, and all the efforts made…
https://en.energytoday.ir/russia-dethrones-u-s-as-top-eu-natural-gas-supplier/
Iraqi Oil Exports to US Surge by more than 100 Thousand bpd in One Week
US oil imports from Iraq increased last week, according to data released by the US Energy Information Administration (EIA) this weekend. The EIA's weekly petroleum status report showed that US crude oil imports from nine major suppliers averaged 6.120 million barrels per day (bpd) last week, up by 363 thousand bpd from 5.757 million bpd…
https://en.energytoday.ir/iraqi-oil-exports-to-us-surge-by-more-than-100-thousand-bpd-in-one-week/
EU Considers Sanctioning Russian Shipping Giant
The European Union is proposing to sanction Russia’s oil-shipping giant Sovcomflot PJSC (FLOT.MM) in a move to limit the Kremlin’s ability to finance its war against Ukraine, Bloomberg News reported this week, citing a document seen by it. The move would follow similar punitive measures imposed on the leading Russian tanker group early in 2024…
https://en.energytoday.ir/eu-considers-sanctioning-russian-shipping-giant/
Trump Criticizes Biden’s “Crazy” EV Mandate, Pledges Policy Reversal
In a recent meeting with House Republicans, former President Donald Trump declared his intention to completely reverse President Joe Biden's electric vehicle (EV) policies if he is re-elected. Trump criticized the current administration's push towards battery-powered cars, describing the mandate as "crazy," according to Idaho Representative Russ Fulcher. He emphasized that, if given the opportunity,…
https://en.energytoday.ir/trump-criticizes-bidens-crazy-ev-mandate-pledges-policy-reversal/
ADNOC Moves ahead with Huge LNG Export Project in UAE
Abu Dhabi’s national oil company ADNOC has taken the final investment decision to move forward with the Ruwais LNG project, which will more than double the existing LNG production capacity in the United Arab Emirates. ADNOC took on Wednesday the FID for the Ruwais LNG project, which will consist of two 4.8 million metric tons…
https://en.energytoday.ir/adnoc-moves-ahead-with-huge-lng-export-project-in-uae/