Snatch the market! Saudi Arabian crude oil exports surged 7%, reaching a new high in over a year.

According to preliminary analysis of data from Bloomberg tracking oil tankers, Saudi Arabia, as the leader of the OPEC+ alliance, is exporting crude oil at the fastest rate in over a year, with an average daily export volume increase of 441,000 barrels (about 7%) to 6.36 million barrels this month, demonstrating its strategic determination to regain global oil market share. The surge in exports comes as the OPEC+ accelerates its plans to restore crude oil production, which is good news for consumers. Data indicates that despite regional shipping disruptions such as electronic interference caused by the conflict between Israel and Iran, crude oil transportation through the Persian Gulf and the strategic strait of Hormuz remains unimpeded. This trend may indicate future developments: at a time when domestic air conditioning demand should decrease crude oil exports during the peak summer season, Saudi Arabia's export growth is far exceeding expectations of the OPEC+ agreement. As the alliance considers further production increases, Riyadh may release a larger proportion of crude oil supply after the summer season. The Saudi Energy Ministry has not commented on this. As the conflict between the US and Iran enters a fragile ceasefire period, crude oil futures prices continue to decline. Oil prices in London plummeted by 12% last week, with trading prices hovering around $67 per barrel on Tuesday - a pullback that aligns with US President Trump's repeated calls for price decreases. OPEC+ will hold an online meeting this weekend to discuss whether to increase production again in August. Data shows that Saudi Arabia appears to be responding to Trump's demands: in June, the country exported about 190 million barrels of crude oil to overseas markets through export terminals on the Persian Gulf and Red Sea coasts. During his visit to the Gulf region last month, Saudi Arabia not only warmly welcomed Trump but also announced multi-billion dollar investment plans. It is worth noting that the current temperature in Riyadh has exceeded 40 degrees Celsius, and amid a significant increase in domestic oil demand in the power generation and desalination sectors, Saudi Arabia has still achieved a substantial increase in exports. Joint Organization for Data Initiative (JODI) indicates that the daily oil consumption in Saudi Arabia during the summer has increased by nearly 600,000 barrels compared to the coolest month of the year, with crude oil consumption increasing by 100,000 barrels per day in the months of January to April. Eight core member countries of the OPEC+ alliance have approved a total increase of 411,000 barrels per day for the months of May to July, triple the originally planned amount. Under the agreement, Saudi Arabia can increase production by 167,000 barrels per day each month for these three months. Representatives at Sunday's monthly video conference revealed that ministers from each member country will consider implementing a similar scale of increase in production in August. Saudi Energy Minister Prince Abdulaziz bin Salman has remained silent on the intent to increase production as usual. In early April this year, Riyadh shocked oil traders with a strategic shift from strict production limits to open production increases after many years. Officials have provided various explanations for this, including reclaiming market share from competitors such as US shale oil producers.