The value of Iran’s non-oil export to the neighboring countries increased by nine percent during the first eight months of the current Iranian calendar year (March 21-November 21), the head of the Islamic Republic of Iran Customs Administration (IRICA) announced. Mohammad Rezvani-Far said that Iran exported 48 million tons of …
Read More »TotalEnergies to Build a Solar and Storage Project in South Africa
TotalEnergies is launching with partners the construction of a solar plus storage plant in South Africa, the French energy major said on Friday. The hybrid renewable energy project will include a 216 megawatt (MW) solar plant and a 500 MWh battery storage system to manage the intermittency of solar production, …
Read More »Global Coal Demand is Set to Hit a Record High in 2023
Global coal demand is set to rise by 1.4% this year and surpass a record-high level of 8.5 billion tons for the first time, the International Energy Agency (IEA) said on Friday. While coal demand in the United States and the EU is set for a 20% record decline this …
Read More »India Resumes Imports of Venezuela’s Crude Oil
India is resuming imports of crude oil from Venezuela for the first purchases since 2020 as the U.S. lifted most of the sanctions on Venezuela’s oil industry in October. The easing of the sanctions now allows the production, lifting, sale, and exportation of oil or gas from Venezuela, and the …
Read More »Aramco Turns to Big Data to Shape M&A and Boost Profit
Saudi oil giant Aramco is boosting its big data and artificial intelligence unit that links up its assets to help maximise profit, assisting on decisions from trading to acquisitions, a senior executive told Reuters. “We have 70 people working on this, we’re still adding more,” Yasser Mufti, Aramco’s executive vice …
Read More »Shell Becomes Sole Owner of Gulf of Mexico Field
Shell Offshore Inc., a subsidiary of the UK-headquartered energy giant Shell, has gotten its hands on the remaining stake in a deepwater field in the U.S. Gulf of Mexico, which has been developed as a subsea tie-back to the nearby Ursa production hub. Following the acquisition of the 20% working …
Read More »OPEC+ Cartel’s Grip on Oil Market Loosening
Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up prices, the IEA said on Thursday. The OPEC+ cartel, led by Saudi Arabia and Russia, has been restraining production to maintain prices but the latter have recently slumped due to …
Read More »IEA: Oil Demand Growth Shows Signs of Sharper Slowdown
Global oil demand growth is slowing down sharply as economic activity weakens in key countries, the International Energy Agency said as it slashed estimates for this quarter. The IEA sliced nearly 400,000 barrels a day from assessments of consumption growth for the final three months of 2023, and continues to …
Read More »India’s Oil Demand Growth is Set for a Slowdown in 2024
Crude oil demand growth in India is projected to slow down next year as the post-pandemic rebound begins to lose momentum both in China and India. This is according to Rystad Energy, whose head of oil trading Mukesh Sahdev predicts India’s oil demand growth will fall to 150,000 bpd in …
Read More »German Firm Seeks U.S. Watchdog Approval for LNG Project
A German state-owned company has requested from the U.S. Federal Energy Regulatory Commission approval for the construction of Venture Global’s CP2 LNG project. The entity, called SEFE, or Securing Energy for Europe, comprises the assets previously owned by Gazprom’s German subsidiary. The company was nationalized last year and earlier this …
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