Saudi exports of crude oil rose to 7.240 million barrels per day in June from 6.980 million barrels per day in May, official data revealed on Monday.
Riyadh and other OPEC members submit monthly exports data to the Joint Organizations Data Initiative (JODI).
Global Brent crude oil remained at USD72 barrels during Monday’s session after its drop in the past weeks due to concerns of slack in economic growth.
Edward Bell of Emirates NBD bank said: “Disappointing industrial data out of China along with concerns over emerging-market economies centered on Turkey weighed on commodities.”
In the US, energy companies last week kept the oil rig count unchanged at 869, according to the Baker Hughes energy services firm.
Traders said US sanctions against Iran were supporting prices. The US government has introduced financial sanctions against Iran which, since November, will also target the petroleum sector of OPEC’s third largest producer.
“No country can overtake the production and export quotas of other member states under any circumstances,” Iran’s permanent envoy to OPEC, Kazem Gharibabadi.
Before the return of US sanctions against Iran, Saudi Arabia reduced the most of its daily production compared to other OPEC members.
In May, US President Donald Trump pulled out from the nuclear deal and announced imposing sanctions against Tehran. Washington is exerting pressure on its allies to halt Iranian oil imports.
Trump called on OPEC to increase its output in order to reduce the prices of oil. The ministries of energy in Saudi Arabia and Russia said in May that they are willing to reduce the output cuts in order to alleviate concerns of consumers regarding supplies.
