SAUDI ARABIA

•  Saudi Arabia’s crude production topped 10.3mn b/d in April (10.308mn b/d), according to its official submission to Opec, having already brushed this level in March. These figures are level with the kingdom’s previous all-time output high, set in 1980 at the height of the post-revolution Iranian oil embargo. The UAE and Iraq are also producing at record levels, and Iran has grandiose expansion plans, as Opec producers jostle to maximize their market...