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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
Basrah Crudes Drop despite Global Oil Stabilization
On Wednesday, Basrah crude oil dropped amid a stabilization in global oil prices. Basrah Heavy crude edged lower by $1.56 to $79.52, while Basrah Medium rose by $1.56 to $82.42. Oil prices held steady on Wednesday, with the global benchmark Brent hovering near a one-month low reached in the previous session. This comes as indications…
https://en.energytoday.ir/basrah-crudes-drop-despite-global-oil-stabilization/
Bolivia Announces Biggest Natural Gas Discovery since 2005
Bolivia’s state-owned oil and gas company YPFB has discovered a massive natural gas field, which is the biggest such find in nearly two decades and could become the country’s third-largest producing field. The discovery at the Mayaya Centro X1 natural gas field is estimated to contain 1.7 trillion cubic foot (TCF) of natural gas, Bolivia’s…
https://en.energytoday.ir/bolivia-announces-biggest-natural-gas-discovery-since-2005/
China’s Coal Production Hits Six-Month High
China aims to avoid coal shortages during the peak summer demand season by stockpiling coal and increasing production.China boosted its coal production in June to the highest level in six months as it looked to meet power demand for cooling in the summer and as eased mining safety inspections allowed some mines to resume operations.…
https://en.energytoday.ir/chinas-coal-production-hits-six-month-high/
International Oil Companies Caught in Kurdish Smuggling Web
Kurdistan hasn’t been able to export its oil via a pipeline for more than a year now, but crude continues to flow out of the semi-autonomous Iraqi region—on tank trucks to the border with Iran. More than 1,000 such tank trucks are estimated to be transporting at least 200,000 barrels per day (bpd) of Kurdish…
https://en.energytoday.ir/international-oil-companies-caught-in-kurdish-smuggling-web/
Japan Builds Gas Markets in Asia to Boost LNG Trading, Energy Security
Japanese companies foreseeing a growing surplus in stocks of liquefied natural gas (LNG) as their demand for the fuel wanes in coming years, are scrambling to invest in regional markets to provide potential outlets to sell the gas. As more nuclear plants restart and renewable energy gains momentum, Japan's LNG imports are at their lowest…
https://en.energytoday.ir/japan-builds-gas-markets-in-asia-to-boost-lng-trading-energy-security/
OPEC+ Cuts and Demand Woes Keep Oil Prices in Narrow Trading Range
Oil prices have remained in a narrow $75 to $90 a barrel trading range since the end of 2022, as the OPEC+ group continues to keep supply off the market but often-resurfacing concerns about global oil demand have dampened bullish sentiment. After spiking to above $100 a barrel in the wake of the Russian invasion…
https://en.energytoday.ir/opec-cuts-and-demand-woes-keep-oil-prices-in-narrow-trading-range/
Wind Power Prices Must Rise to Meet UK’s Clean Energy Goals
The UK’s government must offer higher prices for offshore wind power generation or miss the capacity targets it has set itself, climate think tank Ember has warned. The UK incentivizes new wind and solar capacity by guaranteeing minimum long-term prices for the energy produced from such installations via contracts for difference. Yet the prices that…
https://en.energytoday.ir/wind-power-prices-must-rise-to-meet-uks-clean-energy-goals/
Kpler Data: Saudi Arabia’s Oil Exports Fall to Lowest in Decade
https://en.energytoday.ir/kpler-data-saudi-arabias-oil-exports-fall-to-lowest-in-decade/
OPEC Sticks to Strong Oil Demand Growth Forecasts
https://en.energytoday.ir/opec-sticks-to-strong-oil-demand-growth-forecasts/
The Value of Norway’s Oil Fund Soars to New High of $1.7 Trillion
For the first time in its nearly three-decade history, Norway’s oil fund, the world’s largest sovereign wealth fund, has just exceeded the market value of 18 trillion Norwegian crowns, which equals $1.691 trillion as of Wednesday. Government Pension Fund Global, as the Norwegian fund is officially known, was created in the 1990s and the government…
https://en.energytoday.ir/the-value-of-norways-oil-fund-soars-to-new-high-of-1-7-trillion/
Russian Moguls Received $11 Billion in Dividends in the Past Year
Executives and shareholders of some of the largest companies in Russia have pocketed the equivalent of more than $11 billion in dividends in the past year as many firms resumed dividend payments, a Bloomberg analysis showed on Tuesday. At least 12 Russian executives, former executives, and shareholders of some of the major local firms –…
https://en.energytoday.ir/russian-moguls-received-11-billion-in-dividends-in-the-past-year/
Eni Strikes Natural Gas Offshore Mexico
Italy’s supermajor Eni has announced a new natural gas discovery in the Gulf of Mexico, in the mid-deep waters off the Mexican coast. The discovery contains an estimated potential reserve of 300 to 400 million barrels of oil equivalent, the company said. The block where Eni was drilling for gas is in the Sureste Basin,…
https://en.energytoday.ir/eni-strikes-natural-gas-offshore-mexico/
GM to Pay $146 Million Penalty for Emission Violations
This week, AP and WMAR Baltimore reported that GM would have to pay the government over $146 million in penalties due to 5.9 million of its older vehicles not complying with emissions and fuel standards. The report said that the National Highway Traffic Safety Administration announced on Wednesday that specific GM vehicles from the 2012…
https://en.energytoday.ir/gm-to-pay-146-million-penalty-for-emission-violations/
OPEC+ Oil Production Cheats Show Little Sign of Making Compensation Cuts
In its effort to shore up global oil markets, OPEC+ is pushing members to atone for cheating on their supply quotas. Yet there’s little indication that they’re repenting. Iraq and Kazakhstan — members of the OPEC+ coalition that is paring crude output to defend prices — have pledged extra curbs to make up for failing…
https://en.energytoday.ir/opec-oil-production-cheats-show-little-sign-of-making-compensation-cuts/
China’s Economic Recovery Stumbles as Industrial Output Disappoints
Clearly, China’s economy is not yet back on the recovery track, as evidenced by the mixed bag of data for May released on Monday. According to data from the National Bureau of Statistics (NBS), industrial production in China saw a 5.6% increase in May 2024 compared to May 2023. However, overall production was also down…
https://en.energytoday.ir/chinas-economic-recovery-stumbles-as-industrial-output-disappoints/
Japan Faces Jet Fuel Shortage
Amid boom in tourism, Japan is facing jet fuel shortage, as the country’s plummeting oil refineries cannot provide adequate fuel to enable return trips for all planes. Authorities at Narita Airport near Tokyo, Japan's main gateway for international arrivals, said in late June that six airlines had shelved plans to add 57 flights to the…
https://en.energytoday.ir/japan-faces-jet-fuel-shortage/
Saudi Arabia’s Economic Strategy is a Double-Edged Sword for OPEC Stability
While countries like Brazil and the United States are often seen as major pressures on OPEC oil production policies, Saudi Arabia’s ambitious Vision 2030 might pose an even greater challenge. This transformative economic strategy, spearheaded by Crown Prince Mohammed bin Salman, aims to shift the kingdom's reliance away from oil, potentially destabilizing OPEC's delicate balance.…
https://en.energytoday.ir/saudi-arabias-economic-strategy-is-a-double-edged-sword-for-opec-stability/
North America Adds Rigs for 8th Consecutive Week
North America added 13 rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on July 12. Although the U.S. dropped one rig week on week, Canada added 14 during the same period, taking the total North America rig count up to 773, comprising 584 rigs from the U.S. and…
https://en.energytoday.ir/north-america-adds-rigs-for-8th-consecutive-week/
India to Launch 10th Round for Oil, Gas Blocks
India is set to launch its tenth bidding round for oil and gas blocks in August or September, the Directorate General of Hydrocarbons (DGH) has said. The latest round will include 25 blocks across 13 sedimentary basins, which are essential for exploration and production activities. The areas on offer range from land blocks covering 16,871…
https://en.energytoday.ir/india-to-launch-10th-round-for-oil-gas-blocks/
IEA Aims to Stabilize LNG Prices with Information-Sharing Plan
The International Energy Agency is looking to set up mechanisms to stabilize natural gas prices and facilitate the sale of excess supplies to countries in need as the protracted war in Ukraine continues to squeeze the global market. The LNG market is smaller than that for crude oil, with much of the fuel sold in…
https://en.energytoday.ir/iea-aims-to-stabilize-lng-prices-with-information-sharing-plan/
Deep-Sea Mining Rush Sparks Environmental Concerns
Over the last year, it has become clear that deep-sea mining for metals and minerals is likely to be approved in some regions of the world, as companies fight for the right to invest in innovative mining projects. There are huge critical mineral reserves worldwide under the seabed, which have made companies increasingly eager to…
https://en.energytoday.ir/deep-sea-mining-rush-sparks-environmental-concerns/
Is China Getting ahead in the Race for Commercial Nuclear Fusion?
https://en.energytoday.ir/is-china-getting-ahead-in-the-race-for-commercial-nuclear-fusion/
BP Predicts Global Oil Demand will Peak in 2025
https://en.energytoday.ir/bp-predicts-global-oil-demand-will-peak-in-2025/
Russia’s Novatek Looks to Market LNG in China
https://en.energytoday.ir/russias-novatek-looks-to-market-lng-in-china/
BP Shares Plummet on $2 Billion Impairment Warning
Shares in BP fell by as much as four percent this morning after it warned it was expected to post an impairment of up to $2bn (1.6bn) and was operating under “significantly” lower refining margins. The FTSE 100 oil major, which in April surprised investors with a better-than-expected oil and gas trading performance in the…
https://en.energytoday.ir/bp-shares-plummet-on-2-billion-impairment-warning/
Raw Material Shortages Weigh on EU Ammunition Production
The European Union's capacity to produce 155 mm artillery ammunition may be less than half as large as public estimates by senior EU officials indicate, affecting the bloc's ability to keep promises about supplies to Ukraine, Schemes and its partners in a journalistic investigation have found. The finding is a result of months of reporting…
https://en.energytoday.ir/raw-material-shortages-weigh-on-eu-ammunition-production/
Argentina Moves Closer to LNG Exports from Vaca Muerta Shale
Argentina could be a step closer to start exporting LNG and monetizing its huge resource in the Vaca Muerta shale play after maritime LNG infrastructure firm Golar LNG signed a 20-year deal with Pan American Energy (PAE) for the deployment of a Floating Liquefied Natural Gas (FLNG) vessel in Argentina. “The FLNG project will monetize…
https://en.energytoday.ir/argentina-moves-closer-to-lng-exports-from-vaca-muerta-shale/
China Considers Probe into Energy Storage Plants over Fire Risks
China is weighing the possibility of launching industry-wide investigations into its energy storage facilities over concerns about fire risks, Chinese outlet 21st Century Business Herald reported on Monday, citing a source familiar with the plans. The recent boom in energy storage plants in China has led to low utilization rates at these facilities. Because the…
https://en.energytoday.ir/china-considers-probe-into-energy-storage-plants-over-fire-risks/
Qatar Continues to Drive Middle East’s International LNG Trade Flow
Qatar continues to drive the Middle East's international LNG trade flow, Asia in particular, according to the International Gas Union. In its latest report, IGU noted that the LNG trade flow between the Middle East and Asia accounted for 43.29mn tonnes in 2023, driven by Qatar LNG supplies to China, India and Pakistan. In 2023,…
https://en.energytoday.ir/qatar-continues-to-drive-middle-easts-international-lng-trade-flow/
Big Oil to Buy Stakes in UAE’s New LNG Project
International oil and gas majors Shell, BP, and TotalEnergies, as well as Japan’s Mitsui & Co, have agreed to buy 10% each in the new LNG project in the United Arab Emirates, anonymous sources familiar with the plans told Bloomberg on Friday. The international firms will invest in the Ruwais LNG project of Abu Dhabi’s…
https://en.energytoday.ir/big-oil-to-buy-stakes-in-uaes-new-lng-project/