Saudi June crude exports climb from record May low, data shows
Crude oil exports from Saudi Arabia rose to 3.993 million barrels per day in June, from a record low of 3.434 million bpd in May, data from the Joint Organizations Data Initiative (JODI) showed on Thursday. The country’s crude oil production increased to 7.122 million bpd in June from 6.560 million bpd in May. The JODI data for Saudi crude output and exports goes back to 2002. Riyadh and other…
Saudi Arabia's crude oil exports in June climbed to 3.993 million barrels per day, marking a significant increase from the record low of 3.434 million bpd in May, according to data from the Joint Organizations Data Initiative (JODI). The country's crude oil production also rose to 7.122 million bpd in June from 6.560 million bpd in May.
JODI records for Saudi crude output and exports date back to 2002. Both Saudi production and exports rebounded in June, likely due to the signing of a memorandum of understanding (MoU) between Iran and the U.S., which enabled more vessels to cross the Strait of Hormuz. UBS analyst Giovanni Staunovo attributed the recovery to this development.
Saudi refinery crude throughput increased by 0.111 million bpd to 2.497 million bpd in June compared to the previous month. However, direct crude-burning decreased by 64,000 bpd to 583,000 bpd. The Red Sea oil exports experienced a slowdown due to the threat of attacks from Houthi rebels, as most shipowners opted not to navigate the strategic waterway due to the uncertainty surrounding its reopening post-blockade during the Iran conflict.
Despite this, Saudi Aramco has resumed oil loading inside the Red Sea and has tankers awaiting to load, as the state energy giant continues to offer spot heavy crude cargoes.
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