(Another) 100 million barrels

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Back in December we discussed how US oil inventories had been drawn down by a hundred million barrels from their peak last March, channeling Dr Evil from Austin Powers.

In recent weeks we have been on tour, presenting our six-month proprietary outlook, and have been highlighting the case of another 100 million barrels – this time via the cumulative drop in Saudi crude exports over the last year.

The chart below shows the cumulative drop in OPEC exports in 2017 versus the October 2016 reference level. It highlights that OPEC on the aggregate reduced imports by a total of