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18 July | Oil

Saudi oil supplies remain high in July

Brent
WTI Light Crude Oil
Saudi oil supplies remain high in July

Saudi Arabia's seaborne oil exports remain high in July, following a sharp production increase in June amid rising geopolitical tensions, Bloomberg reports.

Saudi Arabia's total crude flows averaged 6.43 million barrels per day (bpd) in the first half of the month. This is the highest level in 16 months.

The Middle Eastern country's exports help stabilize global energy markets, giving the kingdom influence on prices among producer nations.

In July, Saudi Arabia's crude production exceeded its OPEC+ target by 385,000 bpd. However, the alliance's report showed lower official supply figures of 9.356 million bpd for the kingdom, keeping it technically within the quota limits, Bloomberg notes.

If this level is maintained for the next two weeks, Saudi Arabia's oil exports will reach their highest since March 2024.

Elena Dorokhina MarketCheese

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