Key report takeaways:

• On- and offshore crude oil inventory drop reflects fundamental market tightness

• China has been the driver of stock builds, with recent stock draws suggesting stronger crude throughput

• Europe’s crude imports reach YTD high of 9mbd whilst onshore inventories flat, suggesting demand remains robust

• OPEC+ barrels continue to arrive at a normal rate for now, made possible by sea stock draws of Saudi grades by 1.5mbd in August

• Iranian crude/condensate in floating storage surpasses 50mb following record-high exports as China’s imports lag Iran’s exports