Saudi Arabia crude oil exports rise in June following May lows

Saudi Arabia's crude oil exports rose to 3.993 million barrels per day in June, recovering from a record low of 3.434 million barrels per day in May. According to Joint Organisations Data Initiative (JODI) data, the country's crude oil production also increased to 7.122 million barrels per day during the same period.

Analysts suggest the recovery in production and exports may be supported by a memorandum of understanding between Iran and the United States, which has allowed for increased vessel movement through the Strait of Hormuz. Saudi Aramco has resumed oil loading within the waterway after previously halting sales due to tanker attacks during recent US-Iran conflict escalations.