Observed Saudi crude exports for last month fell to 5.7 million barrels a day through June 29. That compares with 6.2 million a day in May. It’s a reduction equivalent to more than seven full supertankers over the course of the month.
The Saudis are leading a push among major oil producers to cut supplies as the coronavirus ravages the global economy and saps energy demand. As part of an OPEC+ agreement to boost prices, Saudi Aramco agreed to cap output at 8.5 million barrels a day from May-July. The kingdom then pledged to pump 1 million barrels daily less than that in June.
Those curbs are showing up in the kingdom’s shipments to the world’s biggest economies. Flows to China are down by about 45 percent on a monthly basis in June to 1.1 million barrels a day. A recent flood of Saudi oil to the US has dropped sharply. Flows in June have shrivelled to 224,000 barrels a day, compared with almost 1.3 million in April.
