Saudi products output and exports are at record levels. Europe is the key market, latest data from Jodi and the Suez Canal show. Amid near-record crude output, exports have been further boosted by a record Q1 drawdown in crude stocks.

With Saudi Arabia having added two 400,000 b/d refineries since 2014 – both now running at full capacity – and crude output remaining at near-record highs of over 10.2mn b/d, records for the country’s products output and exports continue to...