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Saudi Arabia's crude exports are expected to increase this month due to increased flows to China.
According to preliminary data, total observed shipments are poised to hit 7.7 million barrels a day. There was a revision to the daily barrels in June.
The figures are subject to revision because of the partial picture for July. A few days of unusual cargo flows can have a big impact on a short time frame.
July's flows would be the highest seen since April 2020. June shipments were the lowest in the last nine months. There was an increase in July compared to June.
The Saudi officials didn't say anything.
The Kingdom's crude exports are expected to increase.
The data was compiled bybloomberg.
With oil prices still above $100 a barrel, US President Joe Biden made a landmark visit to the kingdom last week to push for more production from Saudi Arabia and its allies. He didn't commit to an increase. The production targets of the group of countries will be reconsidered in August.
The average retail gasoline price in the US hit a new high last month.
Since last year, Saudi crude production has begun to rise. In July, the kingdom wants to produce 10.833 million barrels a day, and 11 million in August.
The US envoy is confident that Gulf oil producers will increase supply.
China has supported the increase in Saudi crude exports, even as some cities struggle to resume economic activity. The shipments to China will be the highest since April.
Since June, Saudi crude exports have been relatively constant.
The number of barrels shipped to the US is going to decline. This figure will likely increase. About 14 million barrels of Saudi crude are still being hauled by tanker.
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