Saudi Arabia’s crude oil exports plunged to the lowest on record in June and production fell to the lowest in 17 years as OPEC and its allies continued their campaign to tighten the market. Now Shipments dropped to 4.98 million b/d, the lowest since data started in January 2002, from 6.02 million b/d in May, according to data released Aug. 20 by the Joint Organisations Data Initiative, or JODI. The country pumped 7.484 million b/d in June, the lowest since December 2002, and down from 8.486 million b/d in May. Saudi Arabia has led the 23-member OPEC+ coalition in cutting production since May after producing a record 12.007 million b/d in April, when countries […]