Saudi crude oil exports averaged 6.924mn b/d in May, their lowest level since October 2014 and down 82,000 b/d from April. This comes as crude burning rose by 180,000 b/d to 604,000 b/d in line with seasonal trends (see below for full data).

With burning set to have risen further in June and July, exports have likely been further squeezed despite Saudi Arabia having raised output to 10.07mn b/d in June, the highest level this year and up 190,000 b/d on May.

US SHIPMENTS CUT

Cuts to export...