Analysis – August 2011

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Domestic sales of refined petroleum products in August 2011 totalled 9.7 million cubic metres, 508.2 thousand cubic metres (+5.5 %) higher than August the previous year.

January to August 2011 domestic sales of petroleum products were up 2.4 million cubic metres (+3.5 %) compared to the same eight month period in 2010.

Motor gasoline sales totalled 4.1 million cubic metres, 202.7 thousand cubic metres (+5.2 %) higher than August 2010. Diesel fuel oil sales totalled 2.8 million cubic metres, 210.3 thousand cubic metres (+8.2 %) higher than a year earlier.

Refinery production in August 2011 totalled 9.6 million cubic metres, 910.1 thousand cubic metres (-8.7 %) below August 2010.

Deliveries of crude oils to domestic refineries totalled 8.3 million cubic metres, 1.2 million cubic metres (-12.3 %) below August 2010.

Refinery receipts of domestic crude oils totalled 4.6 million cubic metres, 327.3 thousand cubic metres (-6.6 %) lower than a year earlier.

Crude oil imports totalled 3.6 million cubic metres 824.8 thousand cubic metres (-18.5 %) below August 2010. Imports represented 44.0 % of total refinery requirements.

OPEC sources led by Nigeria and Algeria accounted for 33.8 % of foreign supply. Supply from the North Sea area accounted for 32.2 %.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed August 2011 at 11.1 million cubic metres.

Petroleum product inventories totaled 8.5 million cubic metres.

Most major product categories posted a draw on inventories. Motor gasoline was the only major product to post an increase in inventories compared to the close of August 2010.