Saudi Crude Exports Recover in June with Increased Production

Saudi Arabia's crude oil exports rebounded in June to 3.993 million barrels per day, following a record low of 3.434 million bpd in May, according to data from the Joint Organisations Data Initiative (JODI). This marks a significant increase in production and exports for the country.

The country's crude oil production also increased to 7.122 million bpd in June from 6.560 million bpd in May. The JODI data, which goes back to 2002, shows that Saudi Arabia's crude output and export figures are on the rise again.

Analyst Giovanni Staunovo attributed the recovery in production and exports to the signing of a Memorandum of Understanding (MOU) between Iran and the US, allowing more vessels to cross the Strait of Hormuz. However, it is worth noting that shipping through the Strait of Hormuz slowed down due to uncertainty over its reopening after a blockade during the Iran-US conflict.