We’ve been harping on in recent weeks about how Saudi has been slashing crude flows to North America, but as we can see in our ClipperData below, it has been cutting flows to other key markets too. The chart below highlights the hangover from Saudi Arabia’s late 2016 export ramp-up, which translated into a big year-on-year increase in January deliveries of 730,000 bpd into Saudi’s top five suppliers. South Korea was the biggest beneficiary, accounting for nearly a half of this increase. But as we have moved through 2017, the year-on-year increases have turned into deficits – with the drop in flows to the U.S. particularly pronounced. Japan has seen deliveries hold up best, receiving more crude on a year-over-year basis for the past four consecutive months. China has received less crude on a relative basis in four of the last five months, while South Korea has seen a […]