Analysis – February 2010

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Domestic sales of refined petroleum products in February 2010 totalled 7.9 million cubic metres, an increase of 252.9 thousand cubic metres or (+ 3.3 %) from February 2009. Motor gasoline and diesel fuel oil sales held at about 67 % of total petroleum product sales. Sales of petrochemicals, heavy fuel oil and diesel fuel led the increase.

Refineries produced 8.8 million cubic metres of product in February 2010, down 400.6 thousand cubic metres (- 4.4 %) below the same month a year earlier. Motor gasoline production was down 308.6 thousand cubic metres (- 9.2 %) compared to February 2009. Diesel fuel production fell 197.9 thousand cubic metres or

(- 9.8%). Heavy fuel oil production was down 279.4 thousand cubic metres (- 43.5 %).

Crude oil receipts by domestic refineries totalled 7.9 million cubic metres, up slightly by 83.9 thousand cubic metres (+1.1 %) from the same month a year earlier. Receipts of domestic crude oils totalled 4.5 million cubic metres, up 174.2 thousand cubic metres (+ 4.0 %). Imports totalled 3.4 million cubic metres, down 90.2 thousand cubic metres or (-2.6 %) and represented 42.7 % of total crude oil receipts by domestic refiners.

OPEC crude oils accounted for about 45.8 % of crude oil imports in February 2010. North Sea producers (Norway and the United Kingdom) supplied 32.7 % of total imports.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed February 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 127.8 thousand cubic metres (+ 4.9 %) compared to February 2009. Deisel fuel inventories were down (- 7.8%) or 169.2 thousand cubic metres from February 2009.