Saudis drop oil production as US shale oil production rises.

FT: New US government estimates show US oil production rose by 760,000 barrels a day this year – the largest increase in annual output since crude oil started to be pumped commercially in the US in 1859. Saudi production dropped to 9.5 mbd in November. Adam Sieminski, head of the US Energy Information Administration, says increased drilling in the tight shale formations of North Dakota, Montana and Texas “will boost US crude oil production above 7m barrels per day next year for the first time since 1992”.