•  Saudi Aramco drew down its crude inventories by 8.5mn barrels (293,000 b/d) in February, less than January’s bumper 11.4mn barrels (368,000 b/d) stock draw but still the second highest figure in almost four years.

•  Coupled with crude output of 10.22mn b/d, the twelfth straight month over 10mn b/d, Saudi Arabia again supplied over 10.5mn b/d of crude to market for February, making January and February the two highest figures ever: last June’s record...