Crude oil exports from Saudi Arabia rose to 3.993 million barrels per day in June, from a record low of 3.434 million bpd in May, data from the Joint Organizations Data Initiative (JODI) showed on Thursday.
The country’s crude oil production increased to 7.122 million bpd in June from 6.560 million bpd in May.
The JODI data for Saudi crude output and exports goes back to 2002. Riyadh and other Organization of the Petroleum Exporting Countries members provide monthly export figures for publishing on the JODI website.
“Both Saudi production and exports recovered in June, likely supported by the signing of the MoU between Iran and the U.S., allowing more vessels crossing the Strait of Hormuz,” said UBS analyst Giovanni Staunovo.
Saudi refinery crude throughput rose 0.111 million bpd to 2.497 million bpd in June from 2.386 million bpd the previous month, the data showed. Direct crude-burning decreased 64,000 bpd to 583,000 bpd.
Shipping through the Strait of Hormuz slowed, data showed on Wednesday, as most shipowners avoided the key waterway because of a lack of clear signalling on its reopening from a blockade during the Iran war.
Meanwhile, Saudi Aramco resumed oil loading from inside the key waterway last week and has more tankers waiting to load as the state energy giant offers spot heavy crude cargoes.
It had halted sales for weeks following attacks on its tanker fleet in the Strait of Hormuz during an escalation of the U.S.-Iran conflict last month.
(Reporting by Noel John in Bengaluru; Editing by Joyjeet Das)