Daily Energy Report
OPEC+ crude exports, US/Iran analysis, Cooling vs AI/data, Asia/Middle East oil, Oil cos in Iraq move staff, UK power planning, US renewable hits GOP, Russian sanctions blocked, Canada LNG, and more.
June 23, 2025
Iran attacked US base in Qatar and oil prices declined by more than 6%. The attack on the empty military base probably gave the sense that they will not attack oil facilities. It is also clear from price reaction that Iran will not do anything in the Hormuz Strait.
ABC: Israel-Iran updates: Iran's attack on US base in Qatar has ended, no reports of casualties
WSJ: Iran Fires on U.S. Base in Qatar, as Gulf Neighbors Close Airspace
ET: Oil crashes 6% after Iran strikes U.S. military base in Qatar
Chart of the Day
EOA: OPEC+ Crude Exports are Up in June
Summary
After declining in May, OPEC+ crude exports rose sharply in June, led by Saudi Arabia. The increase was 476 kb/d month-on-month but only 153 kb/d compared to April, as shown in Figure (1). June's rise was a significant 1.5 mb/d YoY, yet exports remained below 2023 levels.