Saudi Arabia Rebounds: Crude Oil Exports Rise After Record Low
Saudi Arabia's crude oil exports rebounded in June after hitting a record low in May. According to data from the Joint Organizations Data Initiative (JODI), Saudi Arabia exported 3.993 million barrels per day of crude oil in June, up from 3.434 million bpd in May.
The country's crude oil production also increased to 7.122 million bpd in June from 6.560 million bpd in May. This recovery is attributed to the signing of a Memorandum of Understanding (MoU) between Iran and the U.S., which allowed more vessels to cross the Strait of Hormuz.
Saudi Aramco, the state energy giant, had halted sales for weeks following attacks on its tanker fleet in the Strait of Hormuz during an escalation of the U.S.-Iran conflict last month. However, it has resumed oil loading from inside the key waterway and is offering spot heavy crude cargoes.