Analysis – March 2007
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Refinery production in March 2007 totalled 10.6 million cubic metres about the same level as March 2006. Transportation fuels including aviation fuels, motor gasoline and diesel fuel oil accounted for almost two-thirds total refinery production.
The largest volumetric decreases in production were seen in asphalt, the other products category composed of unfinished and unspecified products and petrochemicals. Motor gasoline production remained relatively flat while diesel fuel oil posted a modest gain.
Crude oil and equivalents received by domestic refineries in March 2007 totalled 8.8 million cubic metres, 303.1 thousand cubic metres or 3.6% higher than the same month a year earlier.
This increase in receipts was led by an 843.2 thousand cubic metre or 22.7% jump in imported crude oil to 4.6 million cubic metres. Imports more than offset a 540.1 thousand cubic metres or 11.4% decrease in receipts of domestic crude oil.
Imports represented about 52% of domestic refinery needs. OPEC accounted for 43.5% of this volume led by Algeria, Iraq and Saudi Arabia. Norway and the United Kingdom supplied and additional 38.2% of crude oil imports.
Sales of refined petroleum products in March 2007 totalled 8.5 million cubic metres, just below a year earlier. Motor gasoline and diesel fuel oil sales held at about 3.4 and 2.3 million cubic metres respectively. Sales of most other products with the exception of light and heavy fuel oil were lower than a year earlier.
Crude oil and refined petroleum product inventories held by refineries and major distributors closed March 2007 at 13.7 million cubic metres, 468.0 thousand cubic metres or 3.5% higher than the same month a year earlier.
Of this volume, crude oil inventories totaled 2.8 million cubic metres, 58.7 thousand cubic metres or 2.2% above March 2006. Inventories of refined petroleum products totaled 11.0 million cubic metres, 409.4 thousand cubic metres or3.9% above the same month a year earlier.
Inventories of all major products declined except for heavy fuel oil, lubricants and the other products category. Motor gasoline inventories at 2.7 million cubic metres posted the largest volumetric draw, down 461.8 thousand cubic metres or 11.1% below closing March 2006.
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