Analysis – November 2010
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Domestic sales of refined petroleum products in November 2010 totalled 9.3 million cubic metres, 1.3 million cubic metres (+16.4%) higher than the same month a year earlier.
All major petroleum products posted increases in domestic sales. Sales in November were only slightly below that reported in the previous month.
The increase in petroleum product sales was led by major transportation fuels. Motor gasoline and diesel fuel oil sales combined accounted for about 71% of total product sales this month.
Motor gasoline sales were up 534.5 thousand cubic metres (+15.8%) to 3.9 million cubic metres. Diesel fuel oil sales reached 2.7 million cubic metres, up 433.0 thousand cubic metres (+19.1%) from the same month a year earlier.
Refiners produced 9.5 million cubic metres of product in November 2010, down 321.0 thousand cubic metres (-3.3%) from the same month a year earlier.
The largest decrease in production was reported in light fuel oil down 256.6 thousand cubic metres (-33.6%). Motor gasoline posted a 146.0 thousand cubic metre decline (-4.1%).
Crude oil receipts by refineries in November totalled 8.3 million cubic metres, up 281.3 thousand cubic metres (+3.5%) from the same month a year earlier. Receipts of domestic crude oils totalled 4.8 million cubic metres, down 17.4 thousand cubic metres (-0.4%).
The modest decrease in receipts of domestic crude oils in November was offset by a 369.7 thousand cubic metres (+11.4%) increase in imported crude oils compared to a year earlier. Imports totalled 3.6 million cubic metres and represented about 44% of total crude oil requirements.
OPEC crude oils accounted for about 58% of crude oil imports this month. Nigeria, Algeria and Iraq were the largest OPEC suppliers. North Sea producers (Norway and the United Kingdom) supplied an additional 11% of total imports.
Crude oil and refined petroleum product inventories held by refiners and major distributors closed November 2010 at 11.2 million cubic metres, 2.6 million cubic metres (-18.7%) below the same month a year earlier.
Of this volume, refined petroleum product inventories totaled 8.1 million cubic metres. All products with the exception of heavy fuel oil posted declines. Crude oil inventories totaled 3.1 million cubic metres.
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