Saudi Arabia’s oil export slate is increasingly tilting towards refined products, which now account for more than 20% of total volumes for the first time. The move helps squeeze more revenue from each barrel, and also reduces the market visibility, and therefore price impact, of Saudi oil exports as products are generally less scrutinized than crude. 

Saudi Arabia exported a record 1.91mn b/d of products in January smashing October 2017’s previous record of 1.59mn b/d. The...