Saudi effectively accounted for all of the increase, as it boosted exports by 631,000 bpd over the March-June period while shipments from Russia, Iraq, Kazakhstan, Kuwait and Oman fell, Vortexa data showed. Saudi acknowledged that it exceeded its June quota but explained that much of this went into its storage at home and abroad.

Eight producers, led by Saudi Arabia, will continue boosting production despite forecasts that supply will soon exceed demand.

Crude oil futures plunged over 5% this week as bearish fundamentals—including rising OPEC+ output, weak exports, and fading geopolitical risks—undermined market sentiment and triggered a broad selloff.