Saudi oil exports fell to a 10-month low

According to Mehr News Agency to Quoting from Oil Price, Saudi Arabia’s oil exports in June reached the lowest record in the last 10 months as domestic consumption increased and Russia lost market share in major Asian markets. /p>

Bloomberg’s analysis of tanker monitoring data showed that Saudi Arabia’s oil exports fell to 5.6 million barrels per day in June. This export volume is only 250 thousand barrels per day more than the lowest export record of Saudi Arabia at the beginning of the corona It is in 2020.

Saudi Arabia is at the top of the global decline in oil supply, likely due to higher domestic consumption of oil to generate electricity to meet higher cooling demand in the summer months.

In addition to the seasonal decline in Saudi oil exports due to higher domestic demand, the country’s exports are facing fierce competition from Russia, which has increased its exports to major Asian markets such as China and India.