Analysis – August 2007

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Canadian refineries produced 10.7 million cubic metres of refined petroleum products in August 2007, slightly below production reported in the same month a year earlier. Diesel fuel oil production slipped 105.0 thousand cubic metres or 4.1%. Motor gasoline production remained unchanged compared to August 2006. Year-to-date refinery production was up 3.4% mainly on the on the strength of 1.6 million cubic metre or 5.4% rise in the production of motor gasoline compared to the same period in 2006.

Crude oil and equivalent receipts by Canadian refineries totalled 9.7 million cubic metres in August 2007, up 221.2 thousand cubic metres or 2.3% above the same month a year earlier. Receipts of domestic crude oils totalled 5.2 million cubic metres, up 564.8 thousand cubic metres or 12.1%. Western Canada crude oils accounted for about 82% of these deliveries.

Refineries took 343.6 thousand cubic metres or 7.2% less imported crude oils in August 2007 than a year earlier. Imports totalled 4.4 million cubic metres representing about 46% of total refinery receipts. On a year-to-date basis refinery receipts of domestic and imported crude oils were up 6.1% compared to the same period in 2006.

OPEC accounted for about 55% of total crude oil imports in August 2007. Algeria, Iraq and Saudi Arabia were the largest OPEC suppliers. North Sea producers (Norway and the United Kingdom) supplied an additional 34% of imports. Other non-OPEC suppliers included Mexico, U.S.A., Ecuador and Russia.

Sales of refined petroleum products in August 2007 totalled 9.3 million cubic metres, about the same level as a year earlier. Motor gasoline and diesel fuel oil sales accounted for about 69% of this volume. Motor gasoline sales were up 98.6 thousand cubic metres or 2.6% above a year earlier. Diesel fuel oil sales were up just under 1.0%. Petrochemicals were down 45.5 thousand cubic metres or 9.7%. Motor gasoline and diesel fuel oil sales helped to push year-to-date product sales up 3.7% above the same period in 2006.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed August 2007 at 15.3 million cubic metres, 2.2 million cubic metres or 16.7% higher than the same month a year earlier. Crude oil inventories at the end of August 2007 totaled 4.3 million cubic metres, 910.7 thousand cubic metres or 27.2% above the same month a year earlier. Products inventories totaled 11.1 million cubic metres, 1.3 million cubic metres or 13.1% higher than August 2006.