Saudi Crude Exports Reach Four-Month High in July, JODI Data Shows

Saudi Arabia's crude oil exports climbed to their highest level in four months in July, rising about 3.3% from June to 4.125 million barrels per day, according to data published by the Joint Organizations Data Initiative (JODI).

Crude production in the kingdom increased to 8.135 million bpd from 7.122 million bpd in June. Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries submit monthly export figures for publication on the JODI website.

A UBS analyst, Giovanni Staunovo, said Saudi crude and product exports increased in July as regional tensions moderated. He cautioned, however, that exports could be weaker in August, particularly from Red Sea terminals, because of renewed tensions involving the Houthis.

Refinery crude throughput fell by 0.020 million bpd to 2.478 million bpd in July from 2.498 million bpd the previous month, the data showed. Direct crude-burning decreased by 22,403 bpd to 561,097 bpd.

Separately, a senior Iranian official said Iran could reopen the Strait of Hormuz within seven days if the United States eases military pressure and lifts its blockade on Iranian ports.

In Yemen, Houthi fighters pushed on Monday to seize strategic heights to cut off the Red Sea coast from remaining areas held by Saudi-backed forces, following a report that US President Donald Trump had called off American strikes on the group at the last minute.

Saudi Arabia resumed operations at its East-West Pipeline, and exports could follow from the Red Sea port of Yanbu later on Tuesday, according to three sources briefed on the matter. Drone attacks had forced the kingdom to shut the pipeline on September 13.