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Saudi Crude Oil Exports Hit Three-Month High

  • June shipments of crude, products at 8.8 million barrels a day
  • Crude exports at three-month high of 7.5 million barrels a day
Bloomberg business news

Oil's Climb: New Bull or Reversed Bear Market?

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Saudi Arabia raised its combined crude oil and refined-product exports to 8.83 million barrels a day in June, the highest on record for that month and the latest sign of the expansion of the kingdom’s share of global markets.

The world’s largest crude exporter typically ships less oil overseas from June to September as it burns more crude to power local electricity stations and meet extra demand for air-conditioning during the sweltering summer. The surge in June exports, as reported Thursday by the Riyadh-based Joint Organisations Data Initiative, suggests the extra output went beyond what was needed to cover this seasonal increase in domestic consumption.