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Fig - 6: World Supply and Demand (Million b/d)٩٠٨٨Stockbuild٨٦٨٤٨٢StockdrowDemand Supply ٨٠Nov.09Dec.Jan.10Feb.Mar.Apr.MayJuneJulyAug.Sept.Oct.Nov.3. Oil TradeUSAUS’s crude oil imports dropped by 3.9% or 300 tb/d in October 2010 to 8.7 mb/d, while US productimports remained unchanged from the previous month level of 2.46 mb/d. On the export side, US products inOctober 2010 increased by 0.5% from the previous month to 2.15 mb/d. As a result, US net oil imports in October2010 were 356 tb/d lower than the previous month, averaging 8.67 mb/d, while net product imports reached 303thousand b/d, a level that is 3% lower than the previous month.Canada remained the top supplier of crude oil to the US with a share of 21.1% of total US crude oil importsduring the month, followed by Nigeria with 12.1% , then Saudi Arabia and Mexico with 11.8% each. OPECMember Countries supplied 4.75 mb/d or 51.8% of total US crude oil imports during the month.JapanJapan’s crude oil imports decreased by 1.5% in October 2010 to 3.39 mb/d, Japan’s product imports jumped by18% to reach 1.033 mb/d. On the export side, Japan’s product exports fell by 68 tb/d from the previous month,reaching 441 tb/d in October 2010. As a result, Japan’s net oil imports in October 2010 increased by 294 tb/d to3.99 mb/d, This was the result of an decrease of 52 thousand b/d in net crude oil imports and an increase of 346thousand b/d in net product imports, both compared to the previous month. Saudi Arabia remained the top crudesupplier in October 2010, accounting for 26.7% of Japan’s total crude oil imports. The UAE and Qatar came nextwith 21.2% and 10.5% respectively.Volume 37 Issue 110