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Market Chatter: Saudi Crude Exports Reach 4-Month High in July

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Saudi Arabia's crude oil exports rose about 3.3% in July to 4.125 million barrels per day, the highest level since March, Reuters reported Tuesday, citing data from the Joint Organizations Data Initiative.

Crude production climbed to 8.135 million b/d from 7.122 million b/d in June. Refinery crude throughput, meanwhile, fell to 2.478 million b/d from 2.498 million b/d. Direct crude burning declined by 22,403 b/d to 561,097 b/d.

Saudi Arabia resumed operations on its East-West Pipeline, with crude exports from the Red Sea port of Yanbu potentially restarting later Tuesday.

Saudi Arabia's Ministry of Energy did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Update: UK Reportedly Weighs Providing Military Support to Saudi Arabia Against Houthi Attack

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Oil & Energy

Oil Update: Crude Tumbles as Trump Signals Iran Talks, Saudi Exports Recover

Crude futures tumbled in after-hours trading on Monday, as markets weighed the prospect of peace talks between the US and Iran amid signs that Saudi Arabia was recovering some crude exports despite the widening Middle East conflict.Front-month West Texas Intermediate futures tumbled 4.8% to $95.48 per barrel, while Brent futures fell 3.6% to $100.16/bbl. Dubai 1st Line Futures were down 3.1% to $90.92/bbl.ING strategists said that the pullback comes despite ongoing geopolitical risks and continued concerns over global oil supply disruptions.President Trump reportedly halted strikes against Yemen's Houthis for now, while indicating that he was open to meeting Iranian President Masoud Pezeshkian during the UN General Assembly.On the supply front, Saudi Aramco loaded about 14 million barrels of crude on seven supertankers inside the Mideast Gulf on Sunday, according to media reports. The Gulf state has reportedly moved about 2.9 million barrels per day of crude through the Hormuz over the past six days, up from just 700,000 b/d in August.The US Central Command also said crude and LNG flows through Hormuz have reached a six-month high over the past two weeks, with key transit lanes clear of mines.Gelber & Associates strategists said Saudi exports have recovered to above 4 million b/d in September from 2.4 million b/d in August, with flows through the Strait of Hormuz averaging 2.9 million b/d during the past six days.