Analysis – January

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Domestic sales of refined petroleum products in January 2010 totalled 8.1 million cubic metres, a decline of 599.4 thousand cubic metres or (- 6.9%). Motor gasoline and diesel fuel oil sales held at about 59% of total petroleum product sales. Motor gasoline sales remained unchanged, diesel fuel oil sales decreased by 163.6 thousand cubic metres (-7.1%). Heavy fuel oil sales posted the largest decrease down 248.6 thousand cubic metres (-37.5%) from January 2009.

Refineries produced 10.3 million cubic metres of product in January 2010, up slightly by 65.2 thousand cubic metres (+0.6%) above the same month a year earlier. Motor gasoline production was up 91.7 thousand cubic metres (+2.5%) compared to January 2009. Diesel fuel production fell 118.1 thousand cubic metres or (- 5.1%). The largest decrease was reported in heavy fuel oil down 181.7 thousand cubic metres (-23.8%).

Crude oil receipts by domestic refineries totalled 8.9 million cubic metres, down 614.8 thousand cubic metres (-6.4%) from the same month a year earlier. Receipts of domestic crude oils totalled 5.2 million cubic metres, up 338.9 thousand cubic metres (+6.9%). Imports totalled 3.7 million cubic metres, down 953.8 thousand cubic metres or (-20.5%) and represented 48.8% of total crude oil receipts by domestic refiners.

Crude oil imports accounted for 41.4% of total refinery receipts. OPEC crude oils accounted for about 48.4% of crude oil imports in January 2010. Algeria and Angola were the largest OPEC suppliers. North Sea producers (Norway and the United Kingdom) supplied an additional 27.7% of total imports.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed January 2010 at 12.0 million cubic metres. Product inventories totaled 8.8 million cubic metres while crude oil inventories closed the month at 3.2 million cubic metres.

Motor gasoline inventories were up 626.8 thousand cubic metres (+27.6%) compared to January 2009. Inventories of light fuel oil used mainly for heating purposes were up 144.3 thousand cubic metres (+33.0%) compared to a year earlier.