Saudi Arabia’s prominence as a major exporter of refined oil products has hit new highs, with the latest Jodi data showing a record 2.08mn b/d was exported in July. With refinery output also at record breaking levels, 3.06mn b/d, this trend shows no sign of slowing down.

Saudi refined products exports are poised to top 2mn b/d for the first time this year, which would represent a massive 70% year-on-year increase on 2017’s record 1.44mn b/d. With crude exports relatively...