Saudi Arabia is on course to break both oil export and refinery output records this year following highs in November. Products demand is down slightly from last year’s record levels.

Exports of both crude and products are on course to hit a record in 2016. Crude exports posted their second highest figure on record of 8.258mn b/d in November, only surpassed by May 2003’s 8.344mn b/d. Total oil exports of 9.48m b/d in November were at an all-time high. They could hit 9mn b/d for...