Key facts
- TotalEnergies is offering millions of barrels of Iraqi crude to Asian buyers.
- Gulf oil exports surged in June to over 10 million barrels per day, led by record UAE flows.
- OPEC production increased by 3.3 million bpd in June to 19.43 million bpd.
- Shipping through the Strait of Hormuz shows signs of improvement, though remains below pre-war levels.
- Oil futures are set for a fourth consecutive weekly decline.
Gulf oil exports surged in June to over 10 million barrels per day, driven by record flows from the United Arab Emirates and improved shipping conditions through the Strait of Hormuz. This increase has helped clear a backlog of crude and is contributing to oil futures being on track for their fourth consecutive weekly decline. Combined crude and condensate exports from Saudi Arabia, the UAE, Kuwait, Iraq, and Iran rose by over 3.5 million barrels per day from May to reach 10.07 million bpd. The UAE led the recovery with record exports, while Saudi Arabia, Iraq, and Kuwait also increased their shipments. Iran also saw a substantial rise in exports. TotalEnergies is now offering millions of barrels of Iraqi crude to Asian buyers, signaling optimism about improved shipping through the Strait of Hormuz. Despite the headline jump, production remains below OPEC's collective quotas and year-ago levels, with much of the recovery reflecting the restart of shut-in volumes rather than new supply.