Saudi Arabia’s boost to oil exports made the difference between global shipments rising and falling last month, a reminder of the nation’s importance to the world’s crude supplies.
The kingdom loaded 6.38 million barrels a day onto ships in July, an increase of almost 640,000 compared with June. That upswing was enough to lift global flows by about 276,000 barrels a day. The second-biggest month-on-month gain was in North Sea flows as the region’s output recovered from a period of heavy maintenance.
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