Production curbs under the November 2016 Opec agreement (see p10) mean Saudi Arabia is having to prioritize where it sends its crude oil. The answer appears to be to its refineries according to the latest data from the Riyadh-based Joint Organizations Data Initiative (Jodi).

Crude exports in February fell to 6.96mn b/d, the lowest since May 2015, an unsurprising development given that production in the first two months of the year was below 10mn b/d according to MEES estimates, its lowest levels since February 2015. But refinery intake was a record 2.67mn b/d (see chart 1), nudging 3,000 b/d ahead of the previous benchmark set in February 2016 (see p5 for full data). (CONTINUED - 832 WORDS)