Daily Energy Report
UAE oil imports from Iraq, cow fart tax, Petrodollar fears, US LNG & election, TMX’s price problem, Asia refining, China gas use, Texas grid concerns, North Sea pushback, and more.
Chart of the Day: UAE Oil Imports from Iraq are Rising, and the Impact is Significant
Summary
Figure (1) above shows trends in UAE imports of oil from Iraq by product. Recently, ADNOC started importing medium-sour crude to be used in its Ruwais Refinery. Crude is shown under “others” in the chart above. This increase in UAE imports from Iraq has significant impact on the oil market and OPEC+ net supplies as we will explain below.