Saudi Oil Exports Surge to Four-Month High Amid Eased Regional Tensions
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 3.3% in July from June to 4.125 million barrels per day, the highest level since March.
This increase is attributed to regional tensions easing, as stated by UBS analyst Giovanni Staunovo. However, he noted that Saudi crude and product exports could be lower in August due to renewed tensions with the Houthis, especially from Red Sea Terminals.
The data also showed a slight decrease in Saudi refinery crude output, dropping by 0.020 bpd to 2.478 bpd in July from 2.498 bpd during the previous month. Additionally, direct crude-burning dropped by 22,403 bpd to 561,097 bpd.
The situation remains uncertain, with Saudi Arabia resuming its East-West Pipeline operations and exports potentially following later this Tuesday from the Red Sea port of Yanbu.