Oil exports from OPEC’s Middle East producers rose in July after Saudi Arabia and key Persian Gulf allies reversed the voluntary production cuts they had made the previous month. The figures excludes Iran.
Kuwait and the United Arab Emirates led the gain in last month’s oil supplies to international markets, with Saudi Arabia increasing less quickly and Iraq barely changed. Saudi producers boosted shipments by 190,000 barrels a day, far less than its increase in production, possibly signaling domestic crude use has soared with summer temperatures.
The four nations boosted crude and condensate shipments last month by 758,000 barrels a day, or 6%, to a combined 13.68 million barrels a day, tanker-tracking data compiled by Bloomberg show. The increase reversed the previous month’s drop, as the region’s producers restored more than 1 million barrels a day of production that they removed from the market in June.
Flows from the four producers -- which account for about 72% of production among members of the Organization of Petroleum Exporting Countries -- rose to India and China. Shipments to South Korea slumped, possibly due to refiners opting for supply from the U.S. Gulf Coast.
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