Saudi Arabia, the world’s biggest crude exporter, boosted shipments to a three-month high in June as production headed for an all-time high.
Exports climbed to 7.5 million barrels a day in June, the highest since March, as output rose to 10.55 million barrels a day from 10.27 million in May, according to data Thursday from the Joint Organisations Data Initiative in Riyadh. Production climbed to a record 10.67 million barrels in July, the Organization of Petroleum Exporting Countries reported last week.
Saudi Arabia is engaged in a battle for market share with Iran and Russia and has cut prices to its customers in Asia while trying to serve growing demand at home as hot weather boosted power demand for cooling. Iran is pushing for an increase in production following the loosening of international sanctions in January. Its exports were little changed in June at 2 million barrels a day while output hovered above 3.6 million barrels a day, JODI data showed.