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Saudi Oil Output Cuts Weigh on July Exports

OIL

Saudi Arabia crude exports dipped by at least 400kbpd in the first half of July, compared with the June average, as the 1mbpd oil production cuts are starting to take effect, Bloomberg tanker tracking data showed.

  • Saudi Arabia announced to reduce crude oil output by 1mbpd for July and August.
  • Flows out of Saudi Arabia’s export terminals stood at around 6.25mbpd in the first 13 days of July, compared with an average of 6.66mbpd in June Bloomberg tanker tracking data showed.
  • The figure for July exports could fall further, if some of the vessels in transit end up delivering cargoes to domestic refineries rather than overseas clients.
  • Despite an expectation that the cuts would hit buyers in the US and Europe harder than those in Asia, flows on vessels signaling the US are currently running at a three-month high.
Energy BulletsCommodities
Energy BulletsCommodities

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