• Global oil demand climbed seasonally in November by 1.7 mb/d to its second-highest  level of the year and marginally above pre-COVID levels.

• Demand growth was driven primarily by gains in China, Japan, and India.

• Chinese demand rebounded by nearly 1.0 mb/d month-on-month, and the country’s crude imports soared  1.22 mb/d to a 20-month high.

• Meanwhile, global crude production declined by 599 kb/d in November to a four-month  low, led by losses in Saudi Arabia and Iraq. 

• Saudi crude production decreased by 489 kb/d driving its crude exports to a 5-month low (7.28 mb/d).

• While markets tightened compared to October, global inventories of crude and refined  products climbed counter seasonally by 29.8 mb. Despite the gain, global inventories  remain 396 mb below the five-year average.