Saudi Arabia’s crude inventories dropped by 2.8mn barrels in January to 137.2mn barrels. The drop ensured that Saudi Arabia’s crude stocks set a second consecutive record low in Jodi data stretching back to 2002 (MEES, 19 March).
With crude exports having dropped by 500,000 b/d in February according to data intelligence firm Kpler, a substantially more modest figure than Saudi Arabia’s claimed output fall of 1mn b/d, it would be no surprise if the kingdom drew further on its inventories last month. (CONTINUED - 84 WORDS)