Saudi Arabia’s oil products exports almost certainly topped 2016’s annual record of 1.37mn b/d last year with shipments averaging 1.43mn b/d for the first 11 months as Riyadh sought to offset the decrease in crude exports resulting from the Opec production agreement.
Not just has Saudi Arabia over-complied with the output cuts, but in ramping up its refining runs, crude exports have fallen further still and are on track for a seven-year low of 6.96mn b/d (see chart 1). (CONTINUED - 963 WORDS)
