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ChinaIn October 2010, China’s crude oil imports sharply declined by 1.8 mb/d or 32% from the previous month recordlevel to reach 3.87 mb/d as result of huge stock levels in china refiners, imports of oil products also declined by9.2% to average 0.86 mb/d.China total crude and product exports in October 2010 averaged 62 and 548 tb/d respectively. As result, China netoil and products imports reached 4.13 mb/d in October 2010, down by 30.3% compared to the previous month.Saudi Arabia remained top crude supplier, accounting for 20% of China’s total crude oil imports. Angola camenext with 17% and then Iran with 9% of China’s total imports. Table -3 shows change in crude and products netimports/(exports) in October 2010 versus the previous month.Table - 3: USA,Japan and China Crude and Product Net Imports / Exports ( million bbl/d)Crude OilTotal ProductsOct.2010Sep.2010Change fromSep. 2010Oct.2010Sep.2010Change fromSep. 2010USA8.6679.023- 0.3560.3030.817- 0.009Japan3.3943.445- 0.0520.5920.2840.346China3.8135.594- 1.7810.3120.203- 0.014Source: OPEC Monthly Oil Market Report. Various issues 2010.4. Oil InventoriesIn October 2010, OECD commercial inventories stood at the previous month level of 2772 million barrels, alevel that is 40 million barrels higher than a year ago. It worth mentioning that during the month crude inventoriesin OECD increased by 27 million bbls to 1004 million barrels, where products inventories decreased by 27 millionbarrels to 1768 million barrels.Inventories in North America decreased by 11 million barrels, to 1393 million barrels, from which 509 millionbbls crude and 884 million bbls products. Inventories in Europe were up by 8 million barrels from the previousmonth level to 970 million barrels, from which 336 million bbls crude and 634 million bbls products. Pacificinventories also increased by 3 million bbls, to 409 million barrels, from which 159 million bbls crude and 250million bbls products.11Volume 37 Issue 1