1. SAUDI ARABIA CUT CRUDE OUTPUT FROM JAN17 IN LINE WITH THE ‘OPEC+’ DEAL. CRUDE EXPORTS FELL BY EVEN MORE (MN B/D)...
 
2. ...AS THE COUNTRY RAMPED UP REFINERY RUNS TO RECORD LEVELS ON THE BACK OF THE 2013-14 START-UP OF SOPHISTICATED NEW CAPACITY (MN B/D)
 
3. REFINERS’ CRUDE AVAILABILITY WAS ALSO BOOSTED BY THE DRAW-DOWN OF STOCKS TO A 7-YEAR LOW OF 235MN BARRELS AT END-MARCH
SOURCE: JODI, SAUDI ARAMCO, MEES.
 
4: THE RESULT HAS BEEN THAT...