Saudi Arabian products exports were the third highest on record in May, but were unable to offset an unexpected slide in crude volumes. With refinery intake rising and production soaring in June, total exports likely rebounded from May’s dip as Saudi Arabia takes advantage of the leeway it has secured within the Opec+ production agreement (MEES, 22 June).

The Joint Ministerial Monitoring Committee (JMMC), led by Saudi Arabia and Russia, is in charge of coordinating production...