U.S. crude oil exports to benefit from Saudi output cuts in July (June 6)

June 6, according to foreign media news: Analysts said on Monday that U.S. crude oil exports are already close to the record high set in March, and exports may further increase next month due to Saudi Arabia’s sharp production cuts. At the same time, strong exports will further draw down U.S. crude inventories already hovering at record lows. Analysts said the additional Saudi output cuts created opportunities for U.S. and Latin American exports to Europe and Asia to grow. In addition, the Saudi move reassures U.S. producers that it will take steps to secure a floor for prices if a recession dampens demand.