Saudi Arabia’s total oil exports surged to a record 9.25mn b/d in February as domestic demand for refined products fell to a five year low. Crude exports rose to a 13-month high of 7.25mn b/d despite the Ministry of Energy’s repeated statements in recent months that “exports are kept below 7mn b/d.”

Refined products exports hit an all-time high of 2mn b/d in February, thanks largely to record gasoline (467,000 b/d) and fuel oil (440,000 b/d) – see p11 for full...