Saudi Crude Exports Rebound from 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 crude oil production increased to 7.122 million barrels per day (bpd) in June, up from 6.560 million bpd in May.

The country's crude oil exports rose to 3.993 million bpd in June, surpassing the previous month's record low of 3.434 million bpd, JODI data showed. This increase 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.

UBS analyst Giovanni Staunovo commented that both Saudi production and exports recovered in June, likely due to the MoU. The data also revealed that Saudi refinery crude throughput rose 0.111 million bpd to 2.497 million bpd in June from 2.386 million bpd the previous month.