Official Saudi data confirms that Aramco produced a record average 10.19mn b/d in 2015. MEES puts Saudi December output at 10.18mn b/d: both sets of data have volumes above 10mn b/d for ten straight months from March – the longest ever such period.

And, not only is January on track to be month number eleven but, with the kingdom keen to defend its market share from rival Iran, record output levels are set to continue for months to come. Latest data from Oil Movements indicate Saudi...