Latest US data show imports of just 774,000 b/d from Saudi Arabia over the four weeks to 25 August. At 843,000 b/d for the past three months this is the lowest for any comparable period since 1988. Disruptions over the past week due to Hurricane Harvey mean final August volumes were likely lower still.

Harvey has also knocked around 300,000 b/d off US output both from the  Gulf of Mexico and the 1.35mn b/d Eagle Ford shale formation of southern Texas.

Chinese imports from Saudi Arabia...