Daily Energy Report
Israel’s oil imports, Egypt’s LNG exports threatened, Saudi oil to N. Asia, Russian crude steady, Oil price cap delusion, Coal jobs outlook, Gas market volatility, SPR depletion propaganda, and more.
Chart of the Day: Israel’s Changing Sources of Oil Imports
Figure (1) above shows Israel’s oil imports by source. While it is hard to see a pattern, it is clear that some of its trading partners keep changing, and that the amount imports from the steady partners keeps changing too.
EOA’s Main Takeaway
We decided to post this chart, not only because of the ongoing war but also because Ashkelon, Israel’s Biggest Oil Port, Is Closed to Tankers. While Israel can compensate by rerouting tankers to its Haifa port, the news shows the impact of the conflict on the oil trade. But Israel’s issue is larger and deeper than just the current conflict. Look at imports from Turkey in Figure (1) above. They constituted a large portion of imports, then dropped substantially after March 2023 when the crude shipments in the pipeline from Kurdistan in Northern Iran via pipeline to Ceyhan port were halted. The pipeline is still not operational.
To replace the lost oil from Northern Iraq, Israel increased its imports from Gabon. Later, the military coup at the end of August reduced oil exports. Please note that what is counted in Israel as imports were the exports of the source countries a few weeks earlier.
Story of the Day
Safety concerns led to a 20% drop in Israel's gas exports to Egypt following the shutdown of the significant Tamar offshore field in the Mediterranean Sea. This decision, resulting from the attacks by Hamas on Israel, jeopardizes gas deliveries to Europe. The Tamar field, managed by Chevron Corp., played a major role in Israel's ambitions to be a leading regional gas supplier, constituting nearly half of its gas production in the previous year.
EOA’s Main Takeaway