Oil demand in JODI-reporting countries was at a seasonal record high for a 5th consecutive month in September despite a slight month-on-month decline. Demand was up 2.5 mb/d year-on-year driven by China, US, India, and Saudi Arabia.China’s crude imports fell by 1.3 mb/d m/m to 11.16 mb/d, but were still up 1.3 mb/d above year ago levels. Crude oil production fell slightly in September to a 23-month low. Notably, Russian production data has not been reported since March. Saudi crude production rose by 57 kb/d to 8.98 mb/d while its crude exports rose by 170 kb/d to 5.75 mb/d.Crude and refined product inventories had a net build in September, but they remained 271 mb below the five-year average.Gas Overview: Update with Data Through Sept 2023 • Natural gas production remained above the 5-year seasonal range in September despite a small net m/m decline. Month-on-month declines were driven by Norway and Australia.This month’s update did not include gas data for Russia. Natural gas demand fell slightly in September, but was still above the 5-year seasonal range. EU+UK natural gas demand rose seasonally but remained below the 5-year seasonal range.Total gas inventories increased seasonally by 11 bcm month-on-month and remained above the 5-year average. EU+UK inventories rose by 1.3 bcm in September and stood nearly 95% full at the end of the month.