*Latest South Korean crude and condensate import data show record Q1 volumes from both the US and Russia amid a long-standing policy to reduce reliance on the Middle East. Though the Middle East still supplied 73% of Korea’s Q1 imports (2.24mn b/d of the total 3.07mn b/d) this is the second lowest quarterly share on record after the 69% figure in Q4 last year (MEES, 11 January).

*Opec volumes were down even further: Q1’s 2.163mn b/d was the lowest quarterly figure since 2014,...