Saudi Arabia’s oil exports seen below 7 million bpd in summer: sources, data

15 Jun 2017   Saudi Arabia

Saudi Arabia’s crude exports are expected to fall below 7 million barrels per day this summer, according to industry sources familiar with the matter, and shipping data so far supports those figures. Saudi Energy Minister Khalid al-Falih said in May shipments were set to drop from June, particularly to the United States, as the top OPEC producer aims to limit supply to help balance the market. Exports in May, when the kingdom’s total production was 9.880 million bpd, averaged below 7 million bpd, three industry and shipping sources told Reuters. Early indications suggest that remains the case this month, one of the sources said. “I’m only looking at the first week of June, and on the face of it there’s not much change,” said Roy Mason of Oil Movements, a UK-based firm that estimates supply by tracking tanker shipments. Indicating lower Saudi exports, he said tanker movements suggested […]

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