Analysis – September

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Domestic sales of refined petroleum products totaled 8.9 million cubic metres, 90.7 thousand cubic metres or 1.0 % above September 2007. Motor gasoline sales totaled 3.5 million cubic metres, 21.5 thousand cubic metres or 0.6 % below September 2007. Regular unleaded which accounted for about 90 % of total gasoline sales increased by 2.4 %; premium gasoline representing 7.9 % of sales declined by 1.0 % from a year earlier.

Refinery production totaled 9.2 million cubic metres in September 2008, 740.5 thousand cubic metres or 7.5 % below the same month a year earlier. The decrease in refinery production was led by a 262.2 thousand cubic metre or 7.4 % decline in motor gasoline production. Diesel fuel oil production was down 77.0 thousand cubic metes or 3.6 %. Production of heavy fuel oil declined 112.1 thousand cubic metres or 14.3 %, light fuel oil declined 95.3 thousand cubic metres, or 15.1 % and other products declined 130.4 thousand cubic metres or 30.1 %.

Crude oil and equivalent receipts by refineries totaled 8 million cubic metres in September 2008, 787.2 thousand cubic metres or 9 % below the same month a year earlier. Receipts of domestic crude oil totaled 4.2 million cubic metres, 9.5 % below September 2007.

In September 2008, crude oil imports accounted for 47.6 % of total refinery receipts. Of this volume OPEC accounted for 67.8 %. Algeria was the largest OPEC supplier. North Sea countries (Norway and the United Kingdom) supplied an additional 17.3 % of imports.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed September 2008 at 14.0 million cubic metres, 602.0 thousand cubic metres or 4.2 % less than the same month a year earlier.

Of this volume, crude oil inventories at the end of September 2008 totaled 2.9 million cubic metres, 670.9 thousand cubic metres or 18.6 % below September 2007.

Inventories of refined petroleum products totaled 10.8 million cubic metres, 68.9 thousand cubic metres or 0.6 % higher than closing September 2007. Inventories of diesel fuel oil was up 4.2 %. Motor gasoline was down by 7.5 %.

Chart 1
Domestic sales of refined petroleum products

Chart 2
Domestic sales of refined petroleum products – by product – September 2008

Chart 3
Domestic sales of refined petroleum products – by region – September 2008

Chart 4
Refinery supply of crude oils – domestic and import receipts – September 2008

Chart 5
Refinery supply of crude oils – by type – September 2008