Analysis – May 2007

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Refinery production in May 2007 totalled 10,2 million cubic metres, 1.5 million cubic metres or 16.9% above May 2006. This increase was led by 856.1 thousand cubic metre or 29.1% jump in motor gasoline production. Diesel fuel oil increased 499.1 thousand cubic metres or 26.7%.

Crude oil and equivalent received by domestic refineries in May 2007 totalled 8.7 million cubic metres, 1.2 million cubic metres or 16.2% higher than the same month a year earlier.

The jump was led by a 626.1 thousand cubic metre or 18.9% increase in imported crude oils to 3.9 million cubic metres. Domestic crude oil receipts accounted for the balance, up 590 .7 thousand cubic metres to 4.8 million cubic metres from May 2006.

Imports represented nearly 45% of domestic refinery needs. OPEC accounted for 34% of this volume led by Algeria, Iraq and Angola. Norway and the United Kingdom supplied and additional 46% of total crude oil imports.

Sales of refined petroleum products in May 2007 totalled 8.8 million cubic metres, 572.1 thousand cubic metres or 7.0% above a year earlier. Motor gasoline sales increase 226.8 thousand cubic or 6.5%. Diesel fuel oil sales were up 101.8 thousand cubic metres or 4.5%. These two fuels accounted for almost 70% of product sales.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed May 2007 at 14.2 million cubic metres, 1.6 million cubic metres or 12.6% higher than the same month a year earlier.

Of this volume, crude oil inventories at the end of May 2007 totaled 3.5 million cubic metres, 408.8 thousand cubic metres or 13.3% above May 2006.

May 2007 inventories of refined petroleum products totaled 10.7 million cubic metres, 1.2 million cubic metres or12.3% above the same month a year earlier. This increase was the result of a build in motor gasoline and diesel fuel oil inventories.