*The US continues to set monthly crude export records. Each month for November-January was over 2mn b/d, a figure never before breached, culminating in a record 2.132mn b/d in the latest data for January.

*For 2018 the US exported 1.621mn b/d to seaborne markets, more than twice the previous record of 795,000 b/d set a year earlier. Some 56% of 2018 exports went to Asia (see chart), as the US muscles into the Middle East’s key market. Volumes not surprisingly ramped up through 2018...