Saudi Arabia produced 10.01mn b/d of crude in July according to its latest submission to Opec, a decline from 10.07mn b/d in June, the only month this year it has topped its 10.06mn b/d ‘allocation’ under the current Opec/non-Opec production curbing agreement.

But, while crude output has edged up in recent months – it averaged 9.95mn b/d for January-May – exports have continued to fall as the country burns more oil in power plants in the peak summer months.

Crude...