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Saudi Crude Exports Flat in June m/m

OIL

Saudi seaborne crude shipments of 6.67mn bpd in June were flat versus May’s pace according to Bloomberg vessel tracking.

  • The country is set to cut production by a further 1mn bpd from this month as part of a voluntary commitment as part of OPEC+.
  • The latest cut will take its target for July to 8.978mn bpd, the lowest since July 2020.
  • Saudi Arabia has not confirmed if the extra 1mn bpd cut will be extended past July, but a Bloomberg survey last week leaned towards market expectations of its extension into at least August.

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