Russia Hits Record 3M Bpd Crude Exports in June as Saudi Output Nears Prewar Levels

According to market sources and traders, Russia exported a record 3 million barrels per day (bpd) of crude through western ports in June, while Saudi Aramco's exports reached 6.3 million bpd over six days ending Wednesday, approaching prewar levels. Kuwait's crude production averaged 1.65 million bpd in June, surging from 578,000 bpd in May, with output peaking at 1.9 million bpd in the month's final ten days.

Meanwhile, investment banks adjusted oil price forecasts downward on July 3. UBS lowered its third and fourth quarter Brent crude outlook to $80 per barrel and its 2027 average projection to $75 per barrel. Separately, Nigeria formally joined the International Energy Agency, and Canada agreed to maintain its tanker ban while accelerating liquefied natural gas expansion, targeting a threefold increase in LNG production over the next decade. Geopolitical tensions persist around the Strait of Hormuz, with European nations view tolls as increasingly inevitable.