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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
European Oil Giants Commit $500 Million to Help Boost Access to Energy
European oil and gas supermajors BP, Equinor, Shell, and TotalEnergies are committing a joint investment of $500 million to help ensure access to affordable, reliable, sustainable, and modern energy for all. The joint investment commitment is part of the energy majors’ efforts to support promising, high-impact projects, primarily in Sub-Saharan Africa, South, and Southeast Asia.…
https://en.energytoday.ir/european-oil-giants-commit-500-million-to-help-boost-access-to-energy/
Oil Prices Set for another Weekly Loss on Soft Demand
Crude oil prices looked set for yet another weekly loss, pressured by the perception of softer-than-expected demand in China. The decline comes in spite of the International Energy Agency’s recent upward revision of oil demand growth for this year. That could be because the agency also revised its 2025 demand growth projection, but downwards. For…
https://en.energytoday.ir/oil-prices-set-for-another-weekly-loss-on-soft-demand/
Russia’s Oil Product Shipments Dip as Available Refining Capacity Falls
Exports of Russian refined oil products by sea fell by 7% in October compared to September, due to an increase in idled refining capacity because of maintenance, Reuters estimates based on data from industry sources showed on Wednesday. Russia’s oil product shipments dropped to 8.861 million metric tons last month, with exports from the country’s…
https://en.energytoday.ir/russias-oil-product-shipments-dip-as-available-refining-capacity-falls/
OPEC Oil Production Jumps by 470,000 Bpd as Libyan Output Returns
The return of Libya’s oil production to full capacity raised the total OPEC output by 466,000 barrels per day (bpd) in October from September, the cartel’s monthly report showed on Tuesday, less than two months ahead of a planned reversal of part of the cuts. Total crude oil production in all 12 OPEC members averaged…
https://en.energytoday.ir/opec-oil-production-jumps-by-470000-bpd-as-libyan-output-returns/
India’s Fuel Exports to the EU Soar due to Refining Loophole in Russia Sanctions
India’s fuel exports to Europe have soared this year to make India the biggest exporter of refined oil products to the EU as Indian refiners are capitalizing on a loophole in the EU sanctions against Russia, Finland-based Centre for Research on Energy and Clean Air (CREA) said in its monthly analysis. Russia has now become…
https://en.energytoday.ir/indias-fuel-exports-to-the-eu-soar-due-to-refining-loophole-in-russia-sanctions/
Indonesia and China Sign Strategic Cooperation Deals Worth $10 Billion
Indonesia and China have signed strategic cooperation agreements in critical minerals in total bilateral deals worth $10 billion encompassing green technology, food security, and mineral resources. The agreements were signed this weekend at the Indonesia-China Business Forum in Beijing, which was the first overseas visit of newly inaugurated Indonesian President Prabowo Subianto. “We aspire to…
https://en.energytoday.ir/indonesia-and-china-sign-strategic-cooperation-deals-worth-10-billion/
Libya Set to Announce First Oil Bid Round since 2011
Beleaguered North African oil producer Libya is set to announce within months its first oil and gas exploration bid round since the civil war began in 2011, Libyan Oil Minister Khalifa Abdul Sadiq told Bloomberg in an interview. OPEC member Libya plans to offer blocks both onshore and offshore in the tender expected by the…
https://en.energytoday.ir/libya-set-to-announce-first-oil-bid-round-since-2011-2/
Libya Gas Project Faces Political Headwinds
A major natural-gas development in western Libya, valued at up to $5 billion, is facing mounting opposition from government officials and local residents. This highlights the challenges of developing energy resources in the politically fractured nation. The Hamada NC-7 concession, located in Libya’s Ghadames basin, contains an estimated 2.7 trillion cubic feet of gas reserves.…
https://en.energytoday.ir/libya-gas-project-faces-political-headwinds/
Italy Urges EU to Revise Plans for Gasoline Car Ban in 2035
One of Europe’s biggest economies and car markets, Italy, has renewed its push to seek a revision of the European Union’s plans to ban the sales of new combustion-engine cars from 2035, a draft document seen by Bloomberg showed on Thursday. Italy and the Czech Republic have teamed up to call on EU officials to…
https://en.energytoday.ir/italy-urges-eu-to-revise-plans-for-gasoline-car-ban-in-2035/
Biden Administration Plans Minimal Alaska Oil Lease Sale
The Biden Administration plans to offer the minimal possible acreage in a Congress-mandated oil and gas lease sale in the coastal plain of Alaska’s Arctic National Wildlife Refuge, the Bureau of Land Management (BLM) said late on Wednesday. The BLM is required in the 2017 Tax Act by Congress to hold two lease sales in…
https://en.energytoday.ir/biden-administration-plans-minimal-alaska-oil-lease-sale/
Libya Set to Announce First Oil Bid Round since 2011
Beleaguered North African oil producer Libya is set to announce within months its first oil and gas exploration bid round since the civil war began in 2011, Libyan Oil Minister Khalifa Abdul Sadiq told Bloomberg in an interview. OPEC member Libya plans to offer blocks both onshore and offshore in the tender expected by the…
https://en.energytoday.ir/libya-set-to-announce-first-oil-bid-round-since-2011/
Soaring Chinese Crude Futures Attract High Middle East Volumes
Soaring crude futures prices on the Shanghai International Energy Exchange (INE) have opened the arbitrage for traders to deliver in November what could be this year’s highest volumes of crude from the Middle East to the Chinese exchange, trade sources have told Reuters. The prices of the November futures contract on the INE have soared…
https://en.energytoday.ir/soaring-chinese-crude-futures-attract-high-middle-east-volumes/
Eight OPEC+ Members Extend Oil Supply Cuts until Year-End
Eight members of the OPEC+ group of oil-producing nations said on Sunday they were extending supply cuts until the end of December. The move is aimed at boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent US presidential election, though analysts predict a limited impact. The eight countries “have…
https://en.energytoday.ir/eight-opec-members-extend-oil-supply-cuts-until-year-end/
Belgium is Building World’s First Artificial Energy Island in the North Sea
The North Sea is famous as one of Europe's top crude production sites, with the UK and Norway accounting for about 80% of the region's output. Unfortunately, the North Sea has already entered a phase of terminal decline. Last year, the oil basin produced 34 m tonnes of oil, its lowest since production was established…
https://en.energytoday.ir/belgium-is-building-worlds-first-artificial-energy-island-in-the-north-sea/
Chinese EV Makers Retreat from Europe as Trade Tensions Rise
As we have reported over the last year, EU authorities have been doing everything in their power to stifle EV production based in China, fearing that the lower cost models coming from the east are warping the European market and putting domestic producers at a disadvantage. Now as part of its ongoing jousting with European…
https://en.energytoday.ir/chinese-ev-makers-retreat-from-europe-as-trade-tensions-rise/
The Trump Government Wants to Axe EV Subsidies
The transition team appointed by president-elect Donald Trump has set its sights on the $7,500 EV tax incentive implemented by the Biden administration and plans to axe it as soon as possible, Reuters has reported, citing two unnamed sources. Trump has repeatedly showed an absence of soft spots for the EV industry and has signaled…
https://en.energytoday.ir/the-trump-government-wants-to-axe-ev-subsidies/
India Aims to become Regional Refining Hub
India aims to be a refining hub in Asia as it is boosting refining capacity and expects to continue relying on fossil fuels until at least 2040, according to Indian Petroleum Minister Hardeep Singh Puri “Our existing refineries will increase in terms of capacity and they will also become regional hubs in terms of providing…
https://en.energytoday.ir/india-aims-to-become-regional-refining-hub/
Norway Moves to Take Control over Natural Gas Export Network
The Norwegian government has agreed to buy from private companies the majority of the natural gas export network of Western Europe’s biggest oil and gas producer, the Energy Ministry said on Tuesday. The government laid out plans in 2023 to take full ownership of the gas export network, which it considers an asset of national…
https://en.energytoday.ir/norway-moves-to-take-control-over-natural-gas-export-network/
Saudi Arabia to Cut Oil Supply to China amid Weak Demand
Weak demand in China will lead to lower supply from the world’s top crude exporter, Saudi Arabia, to the world’s largest crude importer in December, trading sources told Reuters on Monday. The drop in Saudi supply would come despite the fact that the Kingdom has reduced its official selling prices (OSPs) for crude loading in…
https://en.energytoday.ir/saudi-arabia-to-cut-oil-supply-to-china-amid-weak-demand/
27% of U.S. Gulf Oil Capacity Offline after Rafael
Over a quarter of U.S. oil production capacity in the Gulf of Mexico remained offline after hurricane Rafael weakened to a tropical storm that the U.S. National Hurricane Center expects to move on south and southwest this week. As of Sunday, over 480,000 bpd in oil production capacity and 310 million cu ft of natural…
https://en.energytoday.ir/27-of-u-s-gulf-oil-capacity-offline-after-rafael/
Russia Considers Merging its Oil Giants into a Single Entity
Russia may be considering the creation of a massive state oil company by combining current state assets Rosneft and Gazprom Neft, and private Lukoil, the Wall Street Journal reported, citing unnamed sources. According to the report, the mechanism discussed is for Rosneft to absorb the two smaller companies, which would result in the world’s second-largest…
https://en.energytoday.ir/russia-considers-merging-its-oil-giants-into-a-single-entity/
EU Mulls Replacing Russian LNG Imports with those from US
European Commission President Ursula von der Leyen said Friday that the European Union may consider replacing Russian liquefied natural gas (LNG) imports with supplies from the United States. "We still get a lot of LNG from Russia and why not replace it by American LNG, which is cheaper for us and brings down our energy…
https://en.energytoday.ir/eu-mulls-replacing-russian-lng-imports-with-those-from-us/
Saudi Aramco Reports 15pc Drop in Q3 Profit but Maintains Dividend
Saudi oil giant Aramco on Tuesday reported a 15.4% drop in third-quarter profit due to lower crude prices and weaker refining margins, but maintained its generous dividend at $31.1 billion for the quarter. Aramco posted net income of $27.6 billion in the three months to Sept. 30, which still beat a company-provided median estimate of…
https://en.energytoday.ir/saudi-aramco-reports-15pc-drop-in-q3-profit-but-maintains-dividend/
China’s Crude Oil Imports Continue to Slump
China’s crude oil imports continue to be weak, with October marking the sixth consecutive month in which crude cargo arrivals have lagged behind the imports in the same months of 2023, official Chinese data showed on Thursday. Last month, China imported a total of 10.53 million barrels per day (bpd) of crude oil, per data…
https://en.energytoday.ir/chinas-crude-oil-imports-continue-to-slump/
Iraq to Start Delivering Kurdish Oil to State Company
The central Iraqi government has decided to start delivering crude oil from Kurdistan to the state-owned oil company or the oil ministry, local media reported, noting that the price that Baghdad is going to pay to the regional government of Kurdistan is yet to be determined. For starters, however, Baghdad would pay Erbil $16 per…
https://en.energytoday.ir/iraq-to-start-delivering-kurdish-oil-to-state-company/
Shell Turns Germany’s Top Refinery Green
Shell is gearing up to transform its largest German oil refinery, Rheinland, turning the crude-centric Wesseling site into a base-oil powerhouse. The overhaul, set to kick off next quarter, signals a major shift as Shell pivots from conventional oil refining toward high-grade lubricants. Goodbye crude processing at Wesseling—by 2025, that unit’s history. Instead, Shell’s revamp…
https://en.energytoday.ir/shell-turns-germanys-top-refinery-green/
Saudi Aramco Keeps Huge Dividend despite Lower Profit
Saudi Aramco, the world’s largest oil company by production and market value, reported on Tuesday a 15.4% annual decline in third-quarter earnings, due to lower oil prices and weaker refining margins, but maintained its $31.1 billion quarterly dividend, most of which goes to the Kingdom. Aramco, which is also the world’s top crude oil exporter,…
https://en.energytoday.ir/saudi-aramco-keeps-huge-dividend-despite-lower-profit/
Oil Prices Spike after OPEC+ Delays Production Cut Decision
Crude oil prices started the week with a gain of over $1 per barrel following reports that OPEC+ had decided to postpone a planned partial rollback of its production cuts. The group was supposed to bring back some 180,000 barrels daily in supply from December but it had conditioned that move on the price environment.…
https://en.energytoday.ir/oil-prices-spike-after-opec-delays-production-cut-decision/
Iraq Reduces Oil Production to 3.3 Million Barrels per Day
The Iraqi Ministry of Oil said on Friday that Iraq has reduced its oil production to 3.3 million barrels per day in line with its commitment to the OPEC+ agreement. The Oil Ministry clarified in a statement that the current reduction will continue over the coming months to ensure that production remains within the limits…
https://en.energytoday.ir/iraq-reduces-oil-production-to-3-3-million-barrels-per-day/
Europe’s Gas Crisis isn’t over despite Full Storage
A year ago, European politicians declared the gas crisis from the near-complete halt of Russian supplies was over. The EU had turned to alternative natural gas suppliers, assuring there would be enough to prevent shortages and steep prices. These assurances now appear premature. Last week, European benchmark gas prices hit the highest in a year…
https://en.energytoday.ir/europes-gas-crisis-isnt-over-despite-full-storage/