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Saudi Leads Drop in Global Seaborne Oil Loadings: Bloomberg

OIL

Saudi Arabia led a big drop in seaborne oil flows in June, with the world’s largest crude exporter likely diverting supply to meet rising domestic summer power demand, Bloomberg said.

  • Global seaborne flows fell by 1.08m b/d to 38.023m b/d, Bloomberg said. The monthly fall was the largest in 2024 thus far and around 50% of the drop was due to lower Saudi loadings.
  • Saudi loadings were 5.606m b/d, down 529k b/d.
  • Saudi Arabia typically burns more crude in its power plants during the summer when air conditioning demand rises. This reduces available crude for export.
  • There were also notable falls in flows from Iran (-198k b/d), Iraq (-211k b/d), WAF (-191k b/d), and the North Sea (-157k b/d).
  • Shipments were seen rising from Brazil (+176k b/d), Qatar (+147k b/d), and Russian Urals loadings (+125k b/d).
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