text: Related Events
  
  Saudi Arabia may have ceded market share in its key Asian and US crude export markets last year, but the blow was eased by its growing role as a products exporter. With the kingdom busy securing new clients for its refined products and more refining capacity due online this year, 2016’s 7.65mn b/d may stand as the high-watermark for crude exports for some time.
  
  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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