Oil demand in JODI-reporting countries fell ~1.6 mb/d month-on-month in November to ~0.2 mb/d below year-ago levels, having spent much of the year at record highs, according to newly released data from the Joint Organizations Data Initiative. Having recorded seasonal highs from May to October, the demand decline in November was driven by China, the US, and Saudi Arabia, the data showed. Production of crude oil production rose slightly month-on-month in November but was still marginally below the five-year average production level. Crude production was down 0.9 mb/d year-on-year led by a 1.7 mb/d y/y drop in Saudi ... (full story)