Saudi crude exports to US hits 15-month high: report

07/08/2018 Argaam

 

Saudi Arabia's crude export to the United States jumped 36 percent month-on-month in July, registering its single biggest monthly flow since April 2017, Bloomberg reported.

 

The Kingdom exported one million barrels a day to the US last month, it added. 

 

Saudi shipments to the US had risen to 1.3 million barrels a day in March 2017, while falling as low as 536,000 barrels a day in February this year.

 

The Kingdom's oil production reached 10.489 million barrels a day in June, but slipped as exports fell by about 600,000 barrels a day in July.

 

In June, OPEC+ agreed on a combined increase in crude oil output of one million bpd from this month following calls from major consumers to help reduce prices and avoid a supply shortage.

 

Brent crude was last trading up 0.28 percent at $73.96 per barrel (bbl), while US West Texas Intermediate (WTI) crude futures rose 0.23 percent to $69.17/bbl.

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