Saudi Arabia’s oil exports rebounded in June from a five-month low as the largest OPEC producer boosted output to a record.
Exports climbed to 7.37 million barrels a day from 6.94 million barrels in May, according to data on the website of the Joint Organizations Data Initiative, or JODI. Output by the world’s biggest exporter rose to 10.564 million barrels daily from 10.3 million. Saudi Arabia told OPEC its June production was a record, exceeding a previous all-time high set in 1980.
The 12-member Organization of Petroleum Exporting Countries has been boosting output for most of the past year to maintain market share amid higher production from the U.S. to Russia. That’s led to a glut in the market that’s pushed Brent crude prices down 15 percent this year.
OPEC in June pumped 32.5 million barrels a day, a seven-year high, according to data compiled by Bloomberg. Saudi Arabia exported more oil than was produced by the next two largest OPEC states combined. Iran and Iraq together pumped 6.7 million barrels a day in June, according to Jodi.
Brent crude for October settlement fell 1 cent to $48.80 a barrel at 11:57 a.m. in London on the ICE Futures Europe exchange.
Saudi refineries used 2.1 million barrels of crude a day in June, down from a record 2.4 million barrels in May, according to JODI data. Diesel production rose to a record 1 million barrels a day from 860,000 barrels a day in May and exports declined to 308,000 barrels from 566,000 barrels, the data showed.