Saudi July crude production surged by over 350,000 b/d, according to MEES estimates. The Saudi jump to above 10mn b/d partly compensates for a precipitous 500,000 b/d fall in Libya output. Indications are that both Libyan supply weakness and strong Saudi production will continue, latest shipping data show.
The latest figures from tanker tracker Oil Movements put Middle East sailings of around 18.15mn b/d in mid-July, some 900,000 b/d up from lows of 17.25mn b/d seen a month earlier; a discrepancy which largely boils down to one issue: long haul versus short haul sailings. (CONTINUED - 923 WORDS)