Analysis – March 2010

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Domestic sales of refined petroleum products in March 2010 totalled 8.4 million cubic metres, an increase of 668.2 thousand cubic metres or (+ 8.6 %) from March 2009. Motor gasoline and diesel fuel oil sales held at about 68 % of total petroleum product sales. Sales of petrochemicals, motor gasoline and heavy fuel oil led the increase.

Refineries produced 9.7 million cubic metres of product in March 2010, down 446.8 thousand cubic metres (- 4.4 %) below the same month a year earlier. Motor gasoline production was down 151.9 thousand cubic metres (- 4.2 %) compared to March 2009. Diesel fuel production fell 66.0 thousand cubic metres or (- 3.0 %). Heavy fuel oil production was down 152.4 thousand cubic metres (- 23.3 %).

Crude oil receipts by domestic refineries totalled 8.9 million cubic metres, up by 346.7 thousand cubic metres (+ 4.0 %) from the same month a year earlier. Receipts of domestic crude oil totalled 4.9 million cubic metres, up 200.3 thousand cubic metres (+ 4.3 %). Imports totalled 4.0 million cubic metres, up 146.4 thousand cubic metres or (+ 3.8 %) and represented 45.0 % of total crude oil receipts by domestic refiners.

OPEC crude oil accounted for 31.0 % of crude oil imports in March 2010. North Sea producers (Norway and the United Kingdom) supplied 32.2 % of total imports.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed March 2010 at 12.2 million cubic metres. Product inventories totaled 9.0 million cubic metres while crude oil inventories closed the month at 3.2 million cubic metres. Motor gasoline inventories were up 226.1 thousand cubic metres (+ 8.5 %) compared to March 2009.