Saudi oil burn fell to a seven-year low for July, in a marked shift from earlier in the year when it was setting new monthly records during the early stages of the Middle East conflict. Latest Jodi data show that oil burn fell to 1.147mn b/d in July, marking a second consecutive monthly decline and the lowest July figure since 2019 (see chart 1). The breakdown was relatively even between crude (561,000 b/d) and fuel oil (586,000 b/d).