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Saudi Arabia’s oil products exports almost certainly topped 2016’s annual record of 1.37mn b/d last year with shipments averaging 1.43mn b/d for the first 11 months as Riyadh sought to offset the decrease in crude exports resulting from the Opec production agreement.
Not just has Saudi Arabia over-complied with the output cuts, but in ramping up its refining runs, crude exports have fallen further still and are on track for a seven-year low of 6.96mn b/d (see chart 1).
In terms of export revenue, the 8% year-on-year fall in crude export volumes was more than offset by a 28.6% increase in the price of Saudi benchmark Arab Light and the shift towards refined products.
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