CHANGES EXPRESSED IN PERCENTAGE POINT TERMS WHERE ORIGINAL NUMBERS ARE PERCENTAGES. SOURCE: ITALY CUSTOMS DATA, MEES CALCULATIONS.

ITALY’S KEY MIDEAST CRUDE SUPPLIERS: IRAN VOLUMES SOARED AFTER SANCTIONS ENDED IN 2016, BECOMING LAST YEAR’S TOP MIDEAST SUPPLIER. BUT VOLUMES HAVE SLUMPED SINCE DECEMBER. SAUDI OVERTOOK BOTH IRAN AND IRAQ TO SUPPLY A 10-YEAR HIGH OF 173,400 B/D IN MARCH