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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
Russia’s Oil Production Down in July, Compensatory Cuts Coming
Russia’s crude oil production was down in July compared to June, the Russian Energy Ministry said on Friday, and more cuts are coming. Russia’s oil production came in at 67,000 bpd above its quota for July, but was down in July compared to June due to “one-off supply scheduling issues”. According to the Energy Ministry,…
https://en.energytoday.ir/russias-oil-production-down-in-july-compensatory-cuts-coming/
Turkmenistan Ready to Start Work on TAPI in Afghanistan
Turkmenistan is ready to start work on the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project in Afghanistan's territory, Trend reports. Turkmen Foreign Minister Rashid Meredov announced this during an online meeting with Afghan Deputy Prime Minister Abdul Ghani Baradar. The sides also discussed economic, transit, trade, and political cooperation between their countries. Turkmenistan's Turkmengaz State Concern has…
https://en.energytoday.ir/turkmenistan-ready-to-start-work-on-tapi-in-afghanistan/
OPEC+ Oil Production Sees Largest Increase in Nearly a Year
OPEC+ oil production experienced its largest increase in nearly a year in July, with Iraq and Kazakhstan raising their outputs despite deeper cut commitments, while Russia remained significantly above its quota. According to a survey by Platts OPEC+ from S&P Global Commodity Insights on August 10, the group’s total production rose by 160,000 barrels per…
https://en.energytoday.ir/opec-oil-production-sees-largest-increase-in-nearly-a-year/
Singapore Looks to Build First-of-Its-Kind Renewable Energy Farm in Waters around Raffles Lighthouse
A renewable energy farm could be built in the waters around Raffles Lighthouse, with a feasibility study expected to begin in the fourth quarter of this year. The Maritime and Port Authority of Singapore (MPA) told CNA that it has earmarked 30ha around the island and is looking into installing solar panels above the sea…
https://en.energytoday.ir/singapore-looks-to-build-first-of-its-kind-renewable-energy-farm-in-waters-around-raffles-lighthouse/
Force Majeure Declared at Libya’s Largest Oilfield
https://en.energytoday.ir/force-majeure-declared-at-libyas-largest-oilfield/
EIA Raises 2024 Forecast for U.S. Crude Oil Demand
The U.S. Energy Information Administration (EIA) has raised its forecast for crude oil demand in the United States, according to the agency’s Short-Term Energy Outlook released today—although its price outlook for this year and next has been revised down. The EIA now sees U.S. petroleum and other liquid fuels consumption averaging 20.5 million barrels per…
https://en.energytoday.ir/eia-raises-2024-forecast-for-u-s-crude-oil-demand/
Saudi Aramco’s Profit Slides as Economic Woes Dampen Energy Prices
Saudi oil giant Aramco on Tuesday reported $56.3 billion in profits for the first half of the year, down from the year before due to weakening volumes sold amid worries about the global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was $220.7 billion, up from…
https://en.energytoday.ir/saudi-aramcos-profit-slides-as-economic-woes-dampen-energy-prices/
Goldman Sachs Sees a $75 Floor for Brent Oil Prices
Goldman Sachs expects a $75 per barrel floor under Brent Crude prices that is unlikely to be breached due to the current macroeconomic fears of a U.S. recession. Oil prices slumped by 6% in the past few days, dragged down by weaker-than-expected jobs data in the U.S. on Friday, which sparked a massive selloff in…
https://en.energytoday.ir/goldman-sachs-sees-a-75-floor-for-brent-oil-prices/
Germany’s EV Sales Sink 37% as Subsidies End
The biggest European car market, Germany, saw the sales of electric vehicles plummet by 36.8% in July from a year earlier, as EV sales are softening worldwide and as Berlin ended subsidies at the end of 2023. New car registrations of battery vehicle vehicles (BEVs) in Germany slumped to 30,762 vehicles in July from the…
https://en.energytoday.ir/germanys-ev-sales-sink-37-as-subsidies-end/
U.S. Power Plants Hold the Highest Coal Stock Levels since 2020
U.S. electric power plants held a total of 138 million short tons of coal at the end of May, the highest level since the slump in power and coal demand at the start of the pandemic in early 2020, the U.S. Energy Information Administration (EIA) said on Monday. In recent years, coal stocks at power…
https://en.energytoday.ir/u-s-power-plants-hold-the-highest-coal-stock-levels-since-2020/
The Rise of Renewable Energy has Made Cybersecurity more Critical than ever
The world is rapidly ramping up its renewable energy capacity in line with ambitious climate pledges. While this is great for the planet, the accelerated transition to green brings new challenges. Many sectoral experts are now concerned about what the rise in electricity use from renewable sources could mean for cybersecurity in the coming years.…
https://en.energytoday.ir/the-rise-of-renewable-energy-has-made-cybersecurity-more-critical-than-ever/
Oil Prices Slip, US Recession Fears Offset Mideast Supply Worries
Oil futures extended losses in a volatile session on Monday as fears of a recession in top oil consumer the United States offset supply worries stemming from mounting tensions in the Middle East, the world’s largest oil producing region. Share markets also tumbled across Asia as U.S. recession worries sent investors rushing from risk assets…
https://en.energytoday.ir/oil-prices-slip-us-recession-fears-offset-mideast-supply-worries/
Iranian Envoy hails Win-Win Iran-Russia Gas Deal
Iran’s Ambassador to Russia Kazem Jalali has described the Iran-Russia gas transfer as a win-win deal. In an interview with IRNA which was published on Sunday, Jalali said that the landmark project will benefit both sides. In the past, there were some speculations that Tehran and Moscow were rivals when it came to energy, the…
https://en.energytoday.ir/iranian-envoy-hails-win-win-iran-russia-gas-deal/
Tesla to Focus on Autonomy and AI as Earnings Disappoint
Amid softer EV demand and worsening profit margins this year, Tesla is setting its sights on AI as Elon Musk is betting more on self-driving and artificial intelligence. The AI hype has investors hooked in the past three months since Tesla’s underwhelming first-quarter deliveries and earnings numbers published in April. The company’s value has risen…
https://en.energytoday.ir/tesla-to-focus-on-autonomy-and-ai-as-earnings-disappoint/
Iran’s Non-Oil Exports Increase 8% in 4 Months y/y
The head of the Islamic Republic of Iran Customs Administration (IRICA) said that in the first four months of the current Iranian calendar year (March 20-July 21) the country exported $17.5 billion non-oil goods, registering an 8.0 percent growth, year on year. Mohammad Rezvanifar put the total value of the country’s non-oil trade in the…
https://en.energytoday.ir/irans-non-oil-exports-increase-8-in-4-months-y-y/
China’s Hydrogen Tech Boosts Paris Olympics’ Carbon Goals
As the world turns to cleaner energy solutions, hydrogen power has been put into the spotlight. In a significant showcase of its potential, China-manufactured hydrogen refueling equipment has played a pivotal role at the 2024 Paris Olympic Games. These installations are now the energy source for hydrogen vehicles transporting athletes to and from competition venues.…
https://en.energytoday.ir/chinas-hydrogen-tech-boosts-paris-olympics-carbon-goals/
Iran Expanding Oil Export Destinations
Iran has been expanding its oil destination markets as the country is pushing to send more oil to the global markets in an attempt to neutralize Western sanctions. Iran has sent shipments of crude oil to new destinations such as Bangladesh and Oman, according to shipping sources and data cited by Reuters. Oil sales are…
https://en.energytoday.ir/iran-expanding-oil-export-destinations/
EIA Forecasts Tighter US Oil Markets and Lower Crude Prices
The US EIA has forecast that US oil markets will experience a closer balance between supply and demand this year. At the same time, the EIA has revised its forecast for 2025 crude prices downwards compared with its Short-Term Energy Outlook (STEO), published in July. Despite recent drops in crude oil prices, the EIA said…
https://en.energytoday.ir/eia-forecasts-tighter-us-oil-markets-and-lower-crude-prices/
Gazprom Exports to Europe via Ukraine Continue despite Fighting
Natural gas flows from Russia to Europe via Ukraine continued on Thursday despite clashes at the Russia-Ukraine border near the only gas metering station that still sends Russian gas west to Europe. Unconfirmed reports emerged on Wednesday that Ukraine had seized Sudzha gas metering station in the Russian region of Kursk, a theater of heavy…
https://en.energytoday.ir/gazprom-exports-to-europe-via-ukraine-continue-despite-fighting/
EIA: Global Oil Demand Growth to Cool as China Slows
The US government’s energy-tracking agency added to a chorus of concerns about falling demand for oil next year caused by an economic slowdown in China, the world’s largest crude importer. Global crude consumption will be about 104.5mn barrels a day in 2025, down 200,000 barrels a day from a previous forecast, cutting next year’s projected…
https://en.energytoday.ir/eia-global-oil-demand-growth-to-cool-as-china-slows/
Oil Prices Dip amid Unexpected US Inventory Build, Supply Concerns
Oil prices slipped in early Asian trading on Wednesday following a brief rebound in the previous session after industry data showed an unexpected build in US crude oil and gasoline inventories, offsetting global oil supply concerns. Brent crude futures fell 21 cents, or 0.27%, to $76.27 a barrel by 0020 GMT. US West Texas Intermediate…
https://en.energytoday.ir/oil-prices-dip-amid-unexpected-us-inventory-build-supply-concerns/
U.S. to Purchase more Oil for SPR while Prices are Low
The U.S. Department of Energy (DOE) is continuing its efforts to bolster the depleted Strategic Petroleum Reserve (SPR) with new oil purchases. Today, DOE's Office of Petroleum Reserves announced a call for bids to supply up to 1.5 million barrels of oil to the Bayou Choctaw site in January 2025. An additional solicitation will follow…
https://en.energytoday.ir/u-s-to-purchase-more-oil-for-spr-while-prices-are-low/
Saudi Aramco Sees Oil Demand Rising by 1.6 Million Bpd in Second Half of 2024
Global oil demand is expected to rise by between 1.6 million and 2 million barrels per day (bpd) in the second half of the year, Saudi Aramco’s chief executive Amin Nasser said on Tuesday, noting that the past week’s selloff in oil doesn’t reflect fundamentals. Aramco sees total global oil demand at 104.7 million bpd…
https://en.energytoday.ir/saudi-aramco-sees-oil-demand-rising-by-1-6-million-bpd-in-second-half-of-2024/
Nigeria Loses $1,000 per Barrel of Crude Oil It Exports
Nigeria is losing $1,000 on every barrel of crude oil it exports, due to a lack of the added value from refining, Nigerian media quoted energy policy expert Henry Adigun as saying at a conference. This loss is no longer sustainable, Adigun said. The Nigerian federal government is supporting local refineries, but the regulator, the…
https://en.energytoday.ir/nigeria-loses-1000-per-barrel-of-crude-oil-it-exports/
Shale Keeps Getting Leaner and Meaner
U.S. oil production dipped by 61,000 barrels daily in May, the EIA reported this week, confirming what many already expected: continued stringent discipline among drillers. But those expectations may have been misleading because now some producers are planning output boosts—thanks to cost reductions. Last year, shale drillers surprised pretty much everyone by increasing their production…
https://en.energytoday.ir/shale-keeps-getting-leaner-and-meaner/
Saudi Aramco Hikes Oil Prices for First Time in Months
Saudi Aramco raised the official selling prices of its light crude for Asian clients for the first time in three months, with the September price for flagship Arab Light up by $0.20 per barrel for September delivery. Aramco kept Arab Medium and Arab Heavy crude prices unchanged for Asian buyers. With the hike, Arab Light…
https://en.energytoday.ir/saudi-aramco-hikes-oil-prices-for-first-time-in-months/
China’s Falling Diesel Demand Dampens Oil Outlook
The property sector crisis and the rise of LNG use in trucking have weighed on China’s diesel demand this year, dampening the prospects of oil demand growth in the world’s top crude importer, which has been a key driver of global demand growth for years. Diesel demand in China is particularly weak and analysts expect…
https://en.energytoday.ir/chinas-falling-diesel-demand-dampens-oil-outlook/
COP29 Host Aims to Raise $1 Billion for New Climate Fund
https://en.energytoday.ir/cop29-host-aims-to-raise-1-billion-for-new-climate-fund/
Russia, Iraq And Kazakhstan to Compensate Overproduction in the next 15 Months
Russia, Iraq, and Kazakhstan have submitted their compensation plans to the OPEC Secretariat for overproduced crude volumes for the first six months of 2024. According to OPEC, the entire over-produced volumes will be fully compensated for over the next 15 months through September 2025, with Russia ‘paying back’ a cumulative 480 kb/d, Iraq 1,184 kb/d,…
https://en.energytoday.ir/russia-iraq-and-kazakhstan-to-compensate-overproduction-in-the-next-15-months/
IEA: Global Coal Demand Set to Remain Broadly Flat over next Two Years
Global coal demand is set to remain broadly flat over the next two years, as surging electricity demand in a number of major economies offsets the ongoing rapid expansion of solar and wind capacity worldwide, according to the International Energy Agency (IEA). After global coal use soared 2.6 per cent to reach an all-time high…
https://en.energytoday.ir/iea-global-coal-demand-set-to-remain-broadly-flat-over-next-two-years/