Saudi Crude Oil Exports Surge to Four-Month High

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

Crude oil production in Saudi Arabia increased to 8.135 million bpd from 7.122 million bpd in June, further contributing to the boost in exports.

However, UBS analyst Giovanni Staunovo cautions that exports could be weaker in August, particularly from Red Sea terminals, due to renewed tensions involving the Houthis.