Exports of Crude Oil From Saudi Arabia Soar to Highest Mark in Over 2 Years
Exports of crude oil out of Saudi Arabia jumped to their highest level since April 2020, with observed seaborne shipments rising to around 7.5 million barrels a day in July, Bloomberg reported Aug. 1. In June, the mark was 6.6…
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million barrels a day. The bump comes from international pressure to curb high oil prices. China has been the main destination for the Saudi oil, with exports totaling 1.65 million barrels a day in July. India was target no. 2, with over 1 million barrels a day heading to the subcontinent. The Organization of Petroleum Exporting Countries and its allies have gradually boosted production for the past year, moving away from limits put in place early in the COVID-19 pandemic. The group's Aug. 3 meeting agenda includes future production policy.