Where exports come from… Severe drop in refinery utilisations among eight key oil producers and exporters provided an additional 500-700 kbpd of crude exports during 1h16. These eight producers account for more than half of global crude exports. Recovery in utilisations should remove this extra crude from the market in 2016, and the Latin American impact alone could approach 200 billion tonne-miles, or 2% of tanker demand. Refinery utilisations do not recover fully, however, due to the destruction of the Baiji refinery in Iraq, as ISIS forces retreated, and from continued operating upsets in Venezuela.