Daily Energy Report
Iran oil production & exports, Iran president killed in crash, China fuel oil imports, China’s oil imports from Russia, ADNOC buys US LNG stake, Putin pipeline dreams, US Refiner cash in, and more.
What is the impact of the death of Iran’s President and its foreign minister on the oil market and relations with OPEC+ and the US? Discussion below.
Chart of the Day: Iran’s Oil Production
Figure (1) above shows Iran’s oil production, which is the average estimate of various monitoring companies that OPEC uses for its secondary sources. It shows an increase in Iran’s crude production despite the sanctions. We focus on Iran today because of the death of its president and foreign minister in a helicopter crash yesterday.
Reuters: Iran’s Hardliner President Killed in Helicopter Crash
Bloomberg: Rescuers Found No Signs of Life at Iran Crash Site
Summary
Iran's President Ebrahim Raisi, considered a potential next supreme leader, died in a helicopter crash along the foreign minister. The crash occurred in a mountainous region of northwestern Iran amid dense fog. This incident happens during escalating Middle East tensions, notably the Gaza war and Iranian-backed groups attacking US interests and regional shipping. Raisi, known for his hardline stance and deep distrust towards the US and Israel, had promoted alliances with China and Russia.