Daily Energy Report
Iraq oil consumption, Inventory report, EU’s Russian gas, China/Russia pipeline, Shadow fleet & EU, India LNG, Norway exploration, India coal, EIA trims WTI, Russia production & revenue, and more.
Summary
May 07, 2025
Chart of the Day
EOA: Iraq Domestic Oil Consumption Is Expected to Hit Record High This Summer
Summary
To mitigate power shortages, Iraq built oil-fired power plants. Figure (1) shows the jump in oil use in power plants from 2021 to 2025. The timing of the OPEC+ production ceiling increases and seasonal demand is key. Domestic oil demand rises in summer, mainly due to cooling needs. We estimate Iraq will burn a record amount of oil in power plants this year, with domestic oil demand increasing by about 150 kb/d from April to August.