Saudi Arabia opened up the taps in late 2018 as it overcompensated for expected supply shortfalls in the second half of the year. Exports may well have exceeded 8mn b/d for the first time since December 2016 (MEES, 21 December 2018). And while they ought to have dipped in December, the month also likely saw over 7.5mn b/d.

The kingdom began ramping up exports in August and coupled with rising prices between then and October has been reaping the economic benefits. Latest trade figures show that October oil export revenues surged $3.95bn to a multi-year high of $25.1bn, little surprise with Arab Light averaging $82.02/B, the highest since October 2014. November’s bumper volumes may not be sufficient to offset November’s oil price fall, when Arab Light averaged $66.36/B. (CONTINUED - 1144 WORDS)