Daily Energy Report
Iraqi oil exports, China naphtha imports, Oil price speculation, Russia/Myanmar deal, US electricity prices, Adnoc’s Santos bid, Iran oil discounts, “Green steel” dud, China rare earths, and more.
June 20, 2025
Chart of the Day
EOA: Current Events Limit the Increase in Iraq’s Oil Exports
Summary
Iraq’s seaborne crude exports have risen recently after the OPEC+ V8 started unwinding voluntary cuts since April 1. While it is clear that Iraq has increased it production and exports in June, estimates of the growth differ. Our estimate is that exports would increase by about 200 kb/d in June, which is a significant amount. Figure (1) shows Iraq’s weekly seaborn exports since the beginning of 2025.