The majority of Iran's oil exports go to China, in the face of US sanctions. (Image source: Rystad Energy)

The U.S. has issued new sanctions intended to hit Iran's oil exports, including what the State Department said were the first U.S. measures targeting a Chinese "teapot refinery" (small independent refiner) processing Iranian crude

This latest round of sanctions, signalling a growing determination to pressurise Iran into a new nuclear deal, could have consequences far beyond Iran itself, says Rystad, with the potential to reshape geopolitics, disrupt the global economy and send shockwaves through energy markets.

Escalating pressure could drive oil prices higher, conflicting with US President Donald Trump's goal of lowering energy costs to fight inflation. Rystad Energy’s data on oil trade flows shows that almost all Iranian crude exports make their way to China, so achieving effective maximum pressure would require cooperation from the Chinese government.

“Targeting a Chinese buyer may also signal pressure on China, the largest importer of Iranian oil, to reduce or cease its purchases. This is the fourth round of sanctions, and the pressure is intensifying with each one. Just days before, the US had revoked a sanction waiver that allowed Iraq to purchase electricity from Iran, further tightening the economic squeeze on Tehran,” said Jorge León, head of Geopolitical Analysis at Rystad Energy.

Rystad Energy analysis suggests that, if Iran remains unresponsive, the US could introduce further sanctions. In addition, the recent drop in oil prices, partly due to the decision by OPEC+ to increase production, might create a favourable environment for the US to impose stricter sanctions on Iran.

“With oil prices hovering around US$70 per barrel, the current market conditions could give the US a strategic edge. OPEC+ may be ramping up production in anticipation of potential US sanctions, helping to offset a loss of up to 1.5mn barrels per day of Iranian exports without destabilising global oil prices,” added León.

The readiness levels defined in DNV-RP-B205 allow companies to scale up digital inventories quickly and cost-effectively. (Image source: DNV)

DNV has announced a new recommended practice, designed to cut costs and improve efficiency in parts management in the energy sector

In the fast-moving landscape of industrial operations, maintaining secure access to necessary parts is a significant challenge. Traditional inventory systems often result in overstocking or stockouts, leading to inefficiencies and increased costs. Digital inventories — virtual repositories that enable on-demand production using AM and other near-net-shape (NNS) technologies, offer a transformative solution. By prioritising the development of critical digital parts, companies can efficiently allocate resources and respond swiftly to market demands.

The DNV-RP-B205: Digital inventories and on-demand manufacturing framework helps the sector assess the maturity of a digital part, from initial design or data capture to qualification and production. The process includes 3D scanning, capturing design data, generating engineering documentation, and preparing order-ready parts through on-demand manufacturing.

Additive manufacturing (AM) is a key part of this strategy, as it produces components close to their final specifications.

Key advantages include:

• Reduced storage costs: Digital inventories minimise the need for physical storage space.
• On-demand production: Parts can be manufactured as needed, reducing lead times and the risk of obsolescence.
• Customisation: AM and NNS technologies enable the production of parts tailored to specific requirements, enhancing performance and reliability.
• Supply chain resilience: Multiple sourcing options and production routes enhance supply chain security, mitigating potential disruptions.

Prajeev Rasiah executive vice president & regional director, Energy Systems, Northern Europe at DNV said, “The integration of digital inventories with on-demand production using additive manufacturing and near-net-shape technologies is a game-changer for the energy industry. This innovative approach offers a sustainable and agile solution to spare parts management, enabling companies to reduce costs, improve efficiency, and enhance asset reliability. With DNV’s recommended practice, DNV-RP-B205, the path to digital part readiness is clearer, paving the way for broader adoption.”

The FLIR Si1-LD industrial acoustic imaging camera. (Image source: FLIR)

FLIR, a Teledyne Technologies company, has launched the Si1-LD industrial acoustic imaging camera that provides fast and accurate compressed air leak detection

Compressed air systems typically lose 25-30% of their air to leaks, resulting in proportionally higher energy bills, costly unplanned production stoppages, shorter compressor operating life, the need to purchase extra compressor capacity, and increased maintenance expenses for the additional equipment.

Leveraging ultrasonic technology, the new FLIR Si1-LD pinpoints leaks with enhanced imaging sensitivity at an affordable price. Features include:
 An array of 96 microphones (2-100 kHz) facilitating the automatic detection, location, and measurement of compressed air and vacuum leaks from a safe distance of up to 130 m.
 12 MP colour camera with 8× digital zoom and LED lamp, facilitating the easy capture of visual details.
 Bandpass filtering allows inspectors to effectively tune out any confusing and/or incorrect sources of ultrasound without manual tuning
 Touch-screen interface displays high-resolution images for easy issue identification with real-time, on-device quantification in terms of leak volume flow rate and leak cost per year
 Wireless data transfer ensures seamless reporting/analytics options, using either the online FLIR Acoustic Viewer or offline FLIR Thermal Studio, with the ability to create reports through pre-built or fully customisable templates.

“Many manufacturing and process plants are seeing their energy bills creep up through leaky compressed air systems, increasing OPEX [operational expenditure] and eroding margins,” said Darrell Taylor, global acoustic business development manager at FLIR. “If you want to find leaks quickly and easily with minimal technician training, our new Si1-LD industrial acoustic imaging camera provides a fast and precise solution that supports sustainable manufacturing.

“As well as reduced energy consumption, the new device helps you save on maintenance, repair, operation, and capital/OPEX costs all while enhancing worker safety. With its minimum detected leak rate [MDLR] of 0.01 L/min at 2.5 m, our Si1-LD offers the market´s best combination of performance and ease-of-use in its price point.”

Two versions of the Si1-LD are available, with and without WiFi.

ADNOC Gas has issued a record dividend following a strong performance in 2024. (Image source: ADNOC Gas)

ADNOC Gas shareholders have agreed a dividend of US$$3.41bn for 2024, including a final dividend payment of US$1.706bn, following record financial results

ADNOC Gas reported profits of US$5bn in 2024, up 13% year-on-year, and strong EBITDA growth of 14% year-on-year to US$8.65bn, with a high, stable EBITDA margin of 35% with free cash flow of US$4.58bn.

ADNOC Gas attributes its strong full-year 2024 results to the success of its disciplined strategy, unveiled in November 2024, to become the world’s leading integrated gas company. Under the strategy, ADNOC Gas will drive accelerated growth and enhance shareholder value through three strategic priorities: growth, decarbonisation, and future-proofing through AI and new technologies. This will see investments of US$15bn to meet the surging global demand for natural gas, to be achieved through an expected 30% increase in the company’s gas processing capacity as ADNOC expands its upstream production capacity.

ADNOC recently completed its marketed offering of 3.1bn shares in ADNOC Gas – the largest share placement ever on the ADX and the largest secondary offering in the UAE at US$2.84bn. As a result of the completed offering, ADNOC Gas has expanded its shareholder base and anticipates potential inclusion in the MSCI and FTSE indices as early as this year.

His Excellency Dr Sultan Ahmed Al Jaber, chairman of ADNOC Gas’ Board of Directors, commented, “In 2024, we achieved record financial results, advanced major growth projects and declared the largest dividend payment on the ADX, while continuing to capitalise on robust market fundamentals to deliver a total return to shareholders of 19%. As the world increasingly turns to natural gas and LNG, particularly in Asia, we further strengthened our position as a critical enabler of global energy security and a key contributor to the UAE’s economic growth and industrial development. ADNOC Gas remains uniquely positioned to unlock further growth while supporting the transformation of global energy systems.”

ADNOC Gas supplies around 60% of the UAE’s gas needs and exports natural gas and related products to a diverse customer base in over 20 countries.