Saudi Arabia crude exports rebound in July from historic lows

Saudi Arabia crude exports rebound in July from historic lows

Saudi Arabia's crude oil exports rebounded in July to 5.73 million barrels per day (bpd) from a record low in June, official data showed on Thursday.At 4.98 million bpd, crude exports in June were the weakest on record, according to data from the Joint Organizations Data Initiative (JODI) stretching back to 2002.Output from the Organization of the Petroleum Exporting Countries (OPEC) rose by more than 1 million bpd in July as Saudi Arabia and other Gulf members ended voluntary supply cuts, on top of an OPEC-led deal to curb production. An easing of lockdowns and lower supply helped benchmark Brent crude LCOc1 hold above $40 a barrel throughout July after plunging to a 21-year low of $15.98 in April, though gains were kept in check by fears of a second wave