Analysis – July 2008

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Domestic sales of refined petroleum products totalled 9.5 million cubic metres, 414.8 thousand cubic metres or 4.6% above July 2007. Most major petroleum products posted increases in sales with the exception of motor gasoline. (One cubic metre equals 1,000 litres).

Motor gasoline sales totalled 3.8 million cubic metres, 67.9 thousand cubic metres or 1.8% below July 2007. Regular unleaded which accounted for about 90% of total gasoline sales increased marginally. However, premium gasoline representing nearly 8% of sales declined by 17.5% from a year earlier.

Refinery production totalled 10.3 million cubic metres in July 2008, 591.6 thousand cubic metres or 5.4% below the same month a year earlier. The decrease in refinery production was led by a 380.7 thousand cubic metre or 9.9% decline in motor gasoline production. Diesel fuel oil production was down 114.6 thousand cubic metres or 4.5%. All other major petroleum products declined with the exception of light fuel oil.

Crude oil and equivalent receipts by refineries totalled 9.4 million cubic metres in July 2008, 160.9 thousand cubic metres or 1.7% below the same month a year earlier. Receipts of domestic crude oils totalled 4.9 million cubic metres, 5.5% below July 2007. This decrease was off set somewhat by a 123.1 thousand cubic metre or 2.8% increase in imports.

In July 2008, crude oil imports accounted for about 48% of total refinery receipts. Of this volume OPEC accounted for 45%. Algeria, Saudi Arabia and Venezuela were the largest OPEC suppliers. North Sea countries (Norway and the United Kingdom) supplied an additional 31% of imports.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed July 2008 at 15.0 million cubic metres, 581.5 thousand cubic metres or 4.0% higher than the same month a year earlier.

Of this volume, crude oil inventories at the end of July 2008 totaled 3.7 million cubic metres, 332.1 thousand cubic metres or 9.8% above July 2007.

Inventories of refined petroleum products totaled 11.3 million cubic metres, 249.4 thousand cubic metres or 2.3% higher than closing July 2007. Inventories of all major products were down compared to the same month a year earlier. Motor gasoline and diesel fuel oil inventories were off by 6.1% and 1.3% respectively.