Saudi Arabia's oil exports hit a 2-year high in July as the US pleads for more output
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- Saudi Arabia hit a two-year high for oil exports last month as pressure to increase output mounted.
- Bloomberg said the Kingdom pumped roughly 7.5 million barrels per day for seaborne shipments in July.
- Saudi Arabia is OPEC's largest oil producer.
Saudi Arabia hit a two-year high for its oil exports last month, as pressure mounted on OPEC for its member nations to increase production.
Bloomberg first reported that the Kingdom produced 7.5 million barrels per day of seaborne shipments, the highest level of output since April 2020.
Global crude oil prices have hovered around $100 per barrel in recent months, driving inflationary pressures and drawing pleas from US President Joe Biden for Saudi Arabia to pump more oil to ease prices. Biden left the Kingdom last month without a deal for more production. Saudi Arabia and Iraq have both ramped up pumping capacity in light of Russia's invasion of Ukraine, which re-organized the global market and sent prices higher.
The main landing for the Kingdom's exports was China, with Beijing receiving an average of 1.65 million barrels per day in July. China has been battered by a strong rebound of COVID-19 infections which spurred further lockdowns and dampened demand, although the country is widely expected to rebound strongly and drive up its appetite for crude.
Meanwhile, Saudi flows to the US declined last month to 371,000 barrels per day from 417,000 in June. OPEC+, which consists of 10 additional countries including Russia on top of OPEC members, will convene on August 3 to decide on policy for the year ahead.
from Business Insider https://ift.tt/B0oaQIU
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