Resumed Hormuz shipping boosts Gulf crude exports in June

Crude shipments from the Gulf rose sharply in June, as easing tensions in the Middle East and a gradual recovery in traffic through the Strait of Hormuz helped clear oil that had been delayed in the region's waters.

Market intelligence firm Kpler said average daily exports of crude and condensate from Saudi Arabia, the United Arab Emirates, Kuwait, Iraq and Iran climbed to 10.07 million barrels per day (bpd) in June, up by more than 3.5 million bpd from May.

The rebound followed the signing of a memorandum of understanding between the United States and Iran, as shipping through the Strait of Hormuz, a key route for global oil flows, began to return to normal.

Still, the recovery has not fully erased earlier disruptions. Energy analytics firm Vortexa estimated that June exports from the region were still about 40 percent lower than a year earlier.

Kpler said much of the crude previously held up in Gulf waters had been cleared quickly as the strait reopened. About 23 million barrels were still waiting to pass through the waterway, down from the peak of 96 million barrels in late April, according to the firm.

An event promoting the fifth volume of "Xi Jinping: The Governance of China" was held in Colombo, Sri Lanka, on Friday.

Participants said the fifth volume is an authoritative work that comprehensively and systematically reflects the latest achievements of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and helps the international community further deepen its understanding of China's path, governance and philosophy.

Noting that China and Sri Lanka are fellow travelers on the path to modernization, the participants said the event holds important significance for the two countries to enhance mutual understanding, build consensus, deepen cooperation and jointly advance the building of a China-Sri Lanka community with a shared future.