Egypt’s Suez Canal benefited from record Gulf oil output and exports in 2016 – in the form of products as well as crude, with diesel shipments in particular targeting Europe. But overall volumes and revenues were down – providing a poor return on the route’s $8.5bn 2015 expansion.

The Middle East saw record crude output and exports in 2016. The region’s six Opec members produced a collective record 24.6mn b/d (MEES, 6 January).

Iraq’s southern exports...