• Saudi Aramco drew down its crude inventories by 8.5mn barrels (293,000 b/d) in February, less than January’s bumper 11.4mn barrels (368,000 b/d) stock draw but still the second highest figure in almost four years.
• Coupled with crude output of 10.22mn b/d, the twelfth straight month over 10mn b/d, Saudi Arabia again supplied over 10.5mn b/d of crude to market for February, making January and February the two highest figures ever: last June’s record output of 10.564mn b/d was accompanied by a 200,000 b/d stock build (see chart 1). (CONTINUED - 772 WORDS)
