China Facilitates Bump in Saudi Arabian Crude Oil Exports

Exports in crude oil from Saudi Arabia will increase in July given a bump in flows to China, vessel-tracing data compiled by Bloomberg reveals, the publication reported July 19. Total observed shipments will reach around 7.7 million barrels a day, according to the data gathered through July 18, up from 6.6 million barrels daily in June. Bloomberg clarified that the number could be misleading, as a few days of higher-than-normal trade can skew the numbers for the short time the data measures. The number of barrels heading to China sits at 1.8 million daily -- the most seen since April.