Saudi Arabia’s crude exports are at their lowest level since August 2014 as the kingdom deals with the double-whammy of increased summer demand and reduced output in accordance with last November’s Opec agreement.

Saudi Arabia’s oil burn hit 1.39mn b/d in July, the highest figure on record and up 2% on last August’s previous record. Whilst direct crude burn actually dipped to 657,000 b/d, over 200,000 b/d down on 2015’s record peak, fuel oil consumption soared...