Analysis – August 2008
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Domestic sales of refined petroleum products totaled 8.9 million cubic metres, 375.7 thousand cubic metres or were 4.0% below August 2007. Most major petroleum products posted decreases in sales.
Motor gasoline sales totaled 3.7 million cubic metres, 189.5 thousand cubic metres or 4.9% below August 2007. Regular unleaded which accounted for about 90% of total gasoline sales decreased by 3.3%; premium gasoline representing 8.1% of sales declined by 19.9% from a year earlier.
Refinery production totaled 9.6 million cubic metres in August 2008, 1.2 million cubic metres or 10.8% below the same month a year earlier. The decrease in refinery production was led by a 584.7 thousand cubic metre or 15.2% decline in motor gasoline production. Diesel fuel oil production was down 105.0 thousand cubic metes or 4.3%. Production of all other major petroleum products declined with the exception of aviation turbo fuel.
Crude oil and equivalent receipts by refineries totaled 7.7 million cubic metres in August 2008, 2.0 million cubic metres or 20.6% below the same month a year earlier. Receipts of domestic crude oil totaled 4.5 million cubic metres, 14.9% below August 2007.
In August 2008, crude oil imports accounted for about 42% of total refinery receipts. Of this volume OPEC accounted for 39.5%. Algeria and Angola were the largest OPEC suppliers. North Sea countries (Norway and the United Kingdom) supplied an additional 31.4% of imports.
Crude oil and refined petroleum product inventories held by refineries and major distributors closed August 2008 at 13.9 million cubic metres, 729.7 thousand cubic metres of 5.0% lower than the same month a year earlier.
Of this volume, crude oil inventories at the end of August 2008 totaled 2.9 million cubic metres, 635.2 thousand cubic metres or 17.6% below August 2007.
Inventories of refined petroleum products totaled 11.0 million cubic metres, 94.5 thousand cubic metres or 0.9% lower than closing August 2007. Inventories of most major products were down compared to the same month a year earlier. Motor gasoline and heavy fuel oil were down by 14.9% and 23.1% respectively.
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