Saudi Arabia exported less Crude Oil in June despite a significant increase in Oil production, according to data from the Joint Organizations Data Initiative (JODI), Commerzbank's commodity analyst Carsten Fritsch notes.

Additional Oil produced remaines in the domestic market

"Crude Oil exports fell by 50,000 barrels per day compared to the previous month to 6.14 million barrels per day. Oil production, on the other hand, rose by 570,000 to 9.75 million barrels per day."

"This confirms previous statements from Saudi Arabia that the significant increase in Oil production has not led to a higher Oil supply on the world market. Instead, the additional Oil produced remained in the domestic market. Most of it is likely to have gone into storage."

"This is because domestic Crude Oil processing fell slightly to 2.7 million barrels per day, while demand for power generation rose by 185,000 to 674,000 barrels per day. It cannot therefore be ruled out that the Oil in storage will enter the market at a later date."