This week’s Index is a record high.
Mitsubishis engine oil production has been steady, at 3,953.4 million metric tons.
The engine oil index hit another record of 3,892.7 m³/yr (millions of metric tons).
The index has increased from a record of 2,931.8 m¹/yr on Nov. 24, 2011, to 3,896.2 mµ/yr in November.
Oil demand in the United States has fallen from 3.1 million barrels per day (bpd) in May to 1.3 million bpd on Nov 15.
In the U.S., gasoline demand fell to 1,898.4 bpd in November, the lowest level since June 2012.
That was largely due to the oil-price drop, which dropped the cost of refiners’ products from $3.39 per gallon to $2.60 per gallon.
U.S. demand also rose in China, which has been struggling to stem the sharp drop in oil prices.
China’s fuel demand has grown by 2.9% per year since 2011.
A combination of the global economic downturn and a decline in gasoline demand has forced the United Kingdom to slash its gas demand to about 5 million barrels a day.
But that has only caused the price of gasoline to fall by a third.
Gasoline prices fell by almost one-third last year, but this week’s drop has been even more drastic.
It was $2 a gallon in March, but it was down to $1.33 in November as oil prices plunged to $3 a gallon.