Saudi Crude Exports Hit Four-Month High Amid Easing Regional Tensions

Saudi Arabia's crude oil exports reached a four-month high in July, according to data from the Joint Organizations Data Initiative (JODI). The kingdom exported approximately 4.125 million barrels per day, up 3.3% from June and the highest level since March.

Crude oil production in Saudi Arabia increased to 8.135 million bpd from 7.122 million bpd in June. This growth is attributed to a decrease in regional tensions, according to UBS analyst Giovanni Staunovo, who noted that exports could be weaker in August due to renewed tensions involving the Houthis.

Saudi Arabia's refinery crude throughput decreased by 0.020 million bpd to 2.478 million bpd in July, while direct crude-burning dropped by 22,403 bpd to 561,097 bpd. The Strait of Hormuz may reopen within seven days if the United States eases military pressure and lifts its blockade on Iranian ports, a senior Iranian official stated.