Analysis – July

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Domestic sales of refined petroleum products in July 2009 totalled 8.5 million cubic metres, down 773.4 thousand cubic metre (- 8.4 %) from the same month a year earlier. The decline in sales was led by a 346.9 thousand cubic metres (- 13.8 %) decline in diesel fuel and a 217.5 thousand cubic metre (- 46.3 %) decrease in petro chemical feedstocks.

Refinery production in July 2009 totalled 9.8 million cubic metres, down 439.8 thousand cubic metres (- 4.3 %) from the same month a year earlier. Motor gasoline and diesel accounted for about 60 % of refinery production.

The largest decrease in refinery production in July was reported in petro chemicals, down 220.6 thousand cubic metres (-46.7 %) compared to the same month a year earlier. Heavy fuel oil declined 137.8 thousand cubic metres (-21.6 %).

Crude oil and equivalent received by refineries in July 2009 totalled 9.0 million cubic metres, 297.7 thousand cubic metres (-3.2 %) below the same month a year earlier. Imports were down slightly.

Imports represented about 49 % of crude oil refinery requirements. OPEC crude oils accounted about 41 % of imported supplies. The North Sea (Norway and the United Kingdom) supplied and additional 23 % of import requirements.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed July 2009 at 14.4 million cubic metres, 562.5 thousand cubic metres (- 3.8 %) below a year earlier.

Of this volume petroleum product inventories totalled 10.9 million cubic metres, 338.2 thousand cubic metres (-3.0 %) below closing July 2008. The decrease was led by a reduction in 'other' products category, and petro chemical inventories.