Daily Energy Report
Attack on Iran & crude exports, EU’s Russian gas imports, China LNG imports, EU’s Russia price cap & future gas reduction, EU nuclear, Spain gas use, US power prices up, Meta geothermal, and more.
June 13, 2025
CNBC Interview on the Israeli attack on Iran and its impact on the oil market:
https://x.com/anasalhajji/status/1933413435703804247
or:
Recent Development:
https://x.com/anasalhajji/status/1933511409372958735
Chart of the Day
EOA: Iran’s Crude Oil Exports
Summary
The Biden Administration ignored Trump’s Iran sanctions in 2021 to renegotiate the nuclear deal. As talks failed in late 2021 and enforcement was considered, Russia’s invasion of Ukraine led the administration to overlook sanctions in 2022 to offset lost Russian exports. We previously reported how the administration coordinated the release of the US SPR and Iran’s 80 mb of floating storage. In 2023 and 2024, sanctions were ignored due to elections, avoiding oil price spikes. This led to a steady rise in Iran’s oil production and exports, averaging 1.7 mb/d recently, as shown in Figure (1).
Given last night’s developments and the 14% price surge, is the market pricing in the loss of Iranian oil exports? Is it anticipating Iranian retaliation affecting other countries’ oil supplies? Will shipping in the Strait of Hormuz be impacted? Answers below.