Analysis – October

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Domestic sales of refined petroleum products totaled 9.2 million cubic metres, 251.5 thousand cubic metres or 2.8 % above October 2007. Motor gasoline sales totaled 3.6 million cubic metres, 12.8 thousand cubic metres or 0.4 % below October 2007. Regular unleaded which accounted for about 90 % of total gasoline sales decreased slightly by 5 thousand cubic metres.

Refinery production totaled 9.5 million cubic metres in October 2008, 455 thousand cubic metres or 4.6 % below the same month a year earlier. The decrease in refinery production was led by a 304.5 thousand cubic metre or 8.4 % decline in motor gasoline production. Diesel fuel oil production was down 296.4 thousand cubic meters or 13.3 % and other products declined 87.8 thousand cubic metres or 22.1 %.

Crude oil and equivalent receipts by refineries totaled 8.8 million cubic metres in October 2008, 299.5 thousand cubic metres or 3.5 % above the same month a year earlier. Receipts of domestic crude oil totaled 4.3 million cubic metres, 9.7 % below October 2007.

In October 2008, crude oil imports accounted for 51.1 % of total refinery receipts. Of this volume OPEC accounted for 58.7 %. Algeria was the largest OPEC supplier. North Sea countries (Norway and the United Kingdom) supplied an additional 28.4 % of imports.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed October 2008 at 14.0 million cubic metres, 46.2 thousand cubic metres or 0.3 % less than the same month a year earlier.

Of this volume, crude oil inventories at the end of October 2008 totaled 3.4 million cubic metres, 140.7 thousand cubic metres or 4.0 % below October 2007.

Inventories of refined petroleum products totaled 10.6 million cubic metres, 94.5 thousand cubic metres or 0.9 % higher than closing October 2007. Inventories of motor gasoline were down 7.4 %.