Regional exports, including shipments moving through routes that bypass the Strait of Hormuz, fell by 2.1 million bpd in July to an average 15 million bpd. Global oil supply increased by 2.4 million bpd in July to 101.5 million bpd, but remained 6.3 million bpd below year-ago levels. Supply is expected to rebound by 8.3 million bpd next year to 110.3 million bpd. The IEA’s OPEC+ table shows Saudi production at 8.24 million bpd in July, up from 7.34 million bpd in June but more than 2 million bpd below its implied July target. Global refinery crude throughputs rose by 1.8 million bpd in July but remained nearly 5 million bpd below year-earlier levels.