Saudi Arabia notched up record-breaking annual average crude output of 10.20mn b/d for 2015. Having hiked output above 10mn b/d in March it never looked back – MEES estimates had December output at 10.18mn b/d (see p10), the tenth straight month above 10mn b/d. Aramco’s most recent submission to Opec put November output at 10.19mn b/d.

But not all the records are good. Saudi Arabia is also set to notch up record crude burn in 2016. For the first 10 months of the year –...