Daily Energy Report
Saudi oil supply, Venezuela exports, Uncertainty hurts economies, US sanctions Iran, Ukraine deal, US oil hurting, India Oil investment, France net-zero wake up, Misreading Iberian blackout, and more.
May 1, 2025
As we were preparing to send the report, President trump wrote the following:
Our research, shared months ago, proves that enforcing sanctions and blacklisting tankers has little impact on Iranian oil exports. We detailed why these policies fail. President Trump's statement confirms this, showing that the administration recognizes that sanctions since his term began are ineffective.
Trump's reaction stems from failed negotiations with Iran in the last 24 hours. Something caused this failure.
As our readers know, we expected failure, though not in this manner. We noted that the regime cannot meet Trump's demands, nor can Trump meet the regime's.
If the Trump administration acts on his statement, it concerns the US and China, not Iran and the US. This should raise oil prices and sustain them for a few days.
Chart of the Day
EOA: Contrary to Expectations, Saudi Oil Supply Declined in April
Summary
Saudi total oil exports declined in April MoM as shown in Figure (1). Most of the decline was in the supply of products. Crude exports increased by 46 kb/d, according to Kpler data.