Analysis – February 2011

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Domestic sales of refined petroleum products in February 2011 totalled 8.1 million cubic metres, an increase of 180.0 thousand cubic metres or (+ 2.3 %) from February 2010. Motor gasoline and diesel fuel oil sales accounted for about 68 % of total petroleum product sales. Sales of motor gasoline, aviation turbo fuel and diesel fuel led the increase.

Refineries produced 9.0 million cubic metres of product in February 2011, up 143.8 thousand cubic metres (+ 1.6 %) above the same month a year earlier. Motor gasoline production was up 183.3 thousand cubic metres (+ 6.0 %) compared to February 2010. Diesel fuel production grew 248.7 thousand cubic metres or (+ 13.5 %). Heavy fuel oil production was up 199.2 thousand cubic metres (+ 54.9 %).

Crude oil receipts by domestic refineries totalled 7.9 million cubic metres, up slightly by 43.7 thousand cubic metres (+ 0.6 %) from the same month a year earlier. Receipts of domestic crude oils totalled 4.9 million cubic metres, up 322.5 thousand cubic metres (+ 7.1 %). Imports totalled 3.1 million cubic metres, down 278.8 thousand cubic metres or (- 8.3 %). Imports represented about 39 % of total crude oil receipts.

OPEC crude oils accounted for 62.5 % of crude oil imports in February 2011, led by Algeria, Nigeria and Angola. North Sea producers (Norway and the United Kingdom) supplied 18 % of total imports.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed February 2011 at 11.4 million cubic metres. Product inventories totaled 8.8 million cubic metres while crude oil inventories closed the month at 2.6 million cubic metres.

Motor gasoline inventories were up 443.3 thousand cubic metres (+ 16.4 %) compared to February 2010. Diesel fuel inventories were up (+ 8.4 %) or 167.0 thousand cubic metres from February 2010.