Commodities
Saudi Oil Flow Surge Continues Into Early July After Output Hike
Pipe work at the Khurais Processing Department in the Khurais oil field in Khurais, Saudi Arabia.
Photographer: Maya Sidiqqui/BloombergSaudi Arabia’s seaborne oil flows remain at elevated rates in the wake of a surge in production from the kingdom last month during heightened regional tensions.
Total flows to destinations outside the kingdom averaged 6.43 million barrels a day in the first half of July, according to vessel tracking compiled by Bloomberg, putting them on course for a 16-month high. The final number might end up lower because two weeks of vessel movements offer only a limited snapshot of data.