Analysis – February 2007

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Refinery production totalled 9.4 million cubic metres in February 2007, 2.7 percent below February 2006. A 209.3 thousand cubic metre or 5.9% decrease in motor gasoline production offset modest increases in diesel (1%), light (3.6%) and heavy fuel oil (6.2%).

Crude oil and equivalents received by refineries totalled 8.0 million cubic metres, 4.9% below the same month a year earlier. Crude oil imports were up 5.5% to 3.9 million cubic metres. Imports represented 48.8% of domestic refinery needs. OPEC accounted for 45.7% of all imports led by Algeria, Iraq and Iraq. Norway and the United Kingdom supplied 34.2% of crude oil imports.

Sales of refined petroleum products totalled 8.1 million cubic metres, 6.6% higher than February 2006. This increase was largely due to higher demand for motor gasoline (3.0%), diesel (8.9%) and heavy fuel oil (11.5%). Light fuel oil used mainly for heating purposes increased by 20.0%.

Total crude oil and refined petroleum product inventories held by refineries and major distributors closed February 2007 at 13.6 million cubic metres 2.2 % below the same month a year earlier. Of this volume crude oil inventories totaled 3.2 million cubic metres.

Refined petroleum product inventories closed February 2007 at 10.4 million cubic metres 167.4 thousand cubic metres below a year earlier. Motor gasoline and diesel fuel oil inventories were down 16.0% and 22.0% respectively.

Chart 1 Domestic sales of refined petroleum products
Chart 2 Domestic sales of refined petroleum products - by product - February 2007
Chart 3 Domestic sales of refined petroleum products - by region - February 2007
Chart 4 Refinery supply of crude oils - domestic and import receipts - February 2007
Chart 5 Refinery supply of crude oils - by type - February 2007