As discussed on CNBC Asia last night , Core OPEC has been ramping up exports this month ahead of tomorrow’s OPEC meeting in Vienna. Historically, production typically rises ahead of an OPEC quota hike, and this time looks no different. Saudi Arabia, Kuwait and UAE – the key proponents of the OPEC production cut deal – are all showing significantly higher crude exports so far this month, as spigots are opened once again. Our ClipperData below illustrate this stark turnaround. The blue line shows Saudi’s exports versus the October 2016 reference level. They have been below it for every month in the last year and a half, except for March 2017…..and now. June exports have ramped up – over 500,000 bpd higher than last month. In terms of the red area, it shows flows bound for Asia versus the October 2016 level. Flows have been higher in every month […]