Saudi Crude Exports Jump to Highest in More Than Two Years

Saudi Arabia exported more crude in July than in any other month since April.

Seaborne shipments from the kingdom came in at about 7.5 million barrels a day last month, according to tanker- tracking data. In June, there was a revision of 6 million barrels a day.

Saudi officials were unavailable for comment.

With benchmark oil prices trading around $100 a barrel and contributing to global inflation, the Organization of Petroleum Exporting Countries and its allies are under increasing pressure to increase crude production.

After a landmark visit to Saudi Arabia, US President Joe Biden said he expected more output from the kingdom.

The alliance gradually increased production for about a year, as it gradually eases away from output curbs imposed early in the epidemic. The group is going to have a video conference on August 3.

China was the main destination for Saudi crude exports last month. For the first time in over a year, shipments to India exceeded 1 million barrels a day.

The kingdom's crude exports for the month were expected to be about 7.7 million barrels a day. A few days of unusual cargo flows can have a big impact on a short time span.

Preliminary data shows that Saudi crude exports to the US fell to 371,000 barrels a day in July from 417,000 in the previous month. The flow to Japan decreased by 18%. As vessels on the water indicate final destinations, those figures are likely to increase.

More of Iraq's and Saudi Arabia's crude is going to Europe via the Sumed line. Since Russia invaded Ukraine, shipments through the link have gone up.

Christopher Sell and Salma El Wardany assisted with the project.