Oil demand in JODI-reporting countries was at a seasonal record high for a sixth consecutive month in October. Demand was up 4 mb/d year-on-year driven by gains in China and the US.China’s crude imports rose by 402 kb/d m/m to 11.56 mb/d and were up 1.4 mb/d from year ago levels.Crude oil production slipped below the five-year average in October despite a slight month-on-month gain. Crude production was down 1.6 mb/d y/y led by a 2 mb/d y/y drop in Saudi Arabia. Saudi Arabia’s crude production fell by 35 kb/d in October to 8.9 mb/d while its crude exports rose by 543 kb/d to 6.30 mb/d. Saudi Arabia’s refinery intake fell by 750 kb/d month-on-month. Crude and refined product inventories had a small net build in October, but they remained 285 mb below the five-year average.