Saudi oil exports hit 7.47m bpd in July

JEDDAH: Saudi Arabia increased its exports by 155,000 barrels a day (bpd) in July from June to 7.470 million bpd, the latest official data published by the Joint Data Initiative (JODI) showed.
Saudi Arabia produced 10.034 million bpd of crude, up 392,000 bpd from June, official Saudi government data available through the JODI website showed.
Brent crude rose above $108 a barrel after crude oil stockpiles in top consumer the US sank to the lowest level since March 2012.
The North Sea benchmark had eased in earlier trade as supply from Libya began to recover after strikes and unrest had pushed flows to the lowest level since the civil war in 2011.
But losses were reversed after the Energy Information Administration reported that US crude oil stocks fell by 4.4 million barrels last week.
Brent rose 24 cents to $108.43 a barrel by 1450 GMT, after slipping to its lowest in more than a month in the previous session.
US crude gained 81 cents to $106.23, after settling $1.17 per barrel lower on Tuesday.
Libyan oil supplies are expected to rise to between 400,000 and 450,000 barrels per day (bpd) as one of the biggest western oilfields, El Sharara, ramps up after workers resumed pumping on Monday.
The country’s oil production, however, is still far below its pre-war level of 1.6 million bpd.
Investors were also awaiting the outcome of a two-day Fed meeting at which the US central bank is expected to cut its monthly bond purchases by at least $10 billion.
While the likely outcome of the Fed discussions might already be priced into oil, a bigger tapering could pose a risk to oil prices and prompt selling, analysts said.