Saudi Arabia is exporting crude oil at the fastest rate in over a year, and as an OPEC+ leader, the country continues to advance its strategy to reclaim share of the global oil market. According to preliminary tanker tracking data compiled by the agency, Saudi crude oil exports increased by 441,000 b/d in June to 6.36 million b/d, an increase of about 7%. This surge in exports coincides with OPEC+'s plan to accelerate the resumption of oil production, bringing benefits to consumers. The data shows that although regional shipping was affected by electronic interference and the like due to the conflict between Israel and Iran, crude oil transportation in the Persian Gulf and the Strait of Hormuz, a key gateway, remains unobstructed. This trend may suggest a future trend: during the period when Saudi domestic demand for air conditioning usually suppresses crude oil exports during the peak season, the actual export growth rate has surpassed OPEC+ agreement expectations. As the coalition considers further increases in production, the country is likely to release a larger share of supply after the summer.

Saudi Arabia is exporting crude oil at the fastest rate in over a year, and as an OPEC+ leader, the country continues to advance its strategy to reclaim share of the global oil market. According to preliminary tanker tracking data compiled by the agency, Saudi crude oil exports increased by 441,000 b/d in June to 6.36 million b/d, an increase of about 7%. This surge in exports coincides with OPEC+'s plan to accelerate the resumption of oil production, bringing benefits to consumers. The data shows that although regional shipping was affected by electronic interference and the like due to the conflict between Israel and Iran, crude oil transportation in the Persian Gulf and the Strait of Hormuz, a key gateway, remains unobstructed. This trend may suggest a future trend: during the period when Saudi domestic demand for air conditioning usually suppresses crude oil exports during the peak season, the actual export growth rate has surpassed OPEC+ agreement expectations. As the coalition considers further increases in production, the country is likely to release a larger share of supply after the summer.