Saudi Crude Exports Rebound in June 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). The country's crude oil production increased to 7.122 million barrels per day in June from 6.560 million bpd in May.
The rebound was attributed by UBS analyst Giovanni Staunovo to the signing of a Memorandum of Understanding (MoU) between Iran and the US, which allowed more vessels to cross the Strait of Hormuz. Saudi refinery crude throughput also rose 0.111 million bpd to 2.497 million bpd in June from 2.386 million bpd the previous month.
However, direct crude-burning decreased by 64,000 bpd to 583,000 bpd. Saudi Aramco has resumed oil loading from inside the key waterway and is offering spot heavy crude cargoes. The company had halted sales for weeks following attacks on its tanker fleet in the Strait of Hormuz during an escalation of the US-Iran conflict last month.