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Saudi's crude exports to drop below 7mn bpd
(MENAFN) Saudi Arabia's crude exports are projected to fall below 7mn bpd this summer, as proclaimed industry sources familiar with the matter.
Exports in May, when the kingdom's whole production was 9.880mn bpd, averaged below 7mn bpd, three industry and shipping sources told Reuters.
Furthermore, lower exports could help cut bloated inventories in the U.S., the globe"s largest and most transparent oil market.
In June, Saudi exports to the U.S. were below 1mn bpd, whole its exports are set to be lower than last year, when the kingdom shipped almost 7.4mn bpd on average from May to August.
Exports in May, when the kingdom's whole production was 9.880mn bpd, averaged below 7mn bpd, three industry and shipping sources told Reuters.
Furthermore, lower exports could help cut bloated inventories in the U.S., the globe"s largest and most transparent oil market.
In June, Saudi exports to the U.S. were below 1mn bpd, whole its exports are set to be lower than last year, when the kingdom shipped almost 7.4mn bpd on average from May to August.
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