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, Reuters reports citing data from the Joint Organisations Data Initiative (JODI).
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.
“Both Saudi production and exports recovered in June, likely supported by the signing of the MoU between Iran and the U.S., allowing more vessels crossing the Strait of Hormuz,” says UBS analyst Giovanni Staunovo.
Saudi refinery crude throughput rose 0.111 million bpd to 2.497 million bpd in June from 2.386 million bpd the previous month, and direct crude burning decreased 64,000 bpd to 583,000 bpd, the data shows.
