Saudi Arabian crude inventories sink to historic low

Riyadh’s production cuts to support the oil price have caused domestic stocks to plummet

Saudi Arabia's crude oil inventories have fallen under 200 mn bl for the first time in a decade as the Kingdom's production cuts continue, according to Jodi data released on Wednesday. The Kingdom's oil stocks fell to 193.4mn bl in April, representing a 17pc drop year-on-year. It is the lowest inventory level since February 2009, when the price of  WTI was just $35/bl. The decline in stocks continues a trend that has gathered speed since the inventory peaked at 329mn bl in September 2015. The trend accelerated in Q1 due to crude refinery runs growing 8pc to 2.653mn bl/d and a 7.4mn bl draw during April alone. However, the inventory decline comes despite a rise in average production in the Q1