Saudi Arabia has significantly increased its oil exports, reaching the highest level in over a year during June. This surge comes as the country moves more crude into international storage, responding to concerns about possible disruptions in Middle Eastern oil supply due to regional conflicts.
As the leading oil producer in OPEC, Saudi Arabia has a long history of adjusting its output to stabilize global markets—either boosting supply during shortages or cutting back when there is excess. In June, crude exports rose by 450,000 barrels per day from the previous month, totaling 6.33 million barrels per day. Industry data suggests that July exports could climb even higher, potentially nearing 7.5 million barrels per day.
This recent increase aligns with OPEC+’s decision to raise output quotas and reflects efforts by the group and Saudi Arabia to expand their share of the global oil market after extended production cuts.
In summary, Saudi Arabia’s export growth highlights its strategic response to geopolitical risks and its intent to maintain influence in the global energy sector.