Analysis – October 2011
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Domestic sales of refined petroleum products in October 2011 totalled 8.5 million cubic metres, 191.6 thousand cubic metres (-2.2%) below the same month a year earlier. Motor gasoline and diesel fuel oil accounted for a 72.6% share of total product sales, up slightly from 2010 (70.3%). Demand for diesel fuel oil remained stable at 2.5 million cubic metres (+0.3%) when compared with October 2010. Motor gasoline sales were 48.1 thousand cubic metres (+1.3%) higher than the same month a year earlier.
In October 2011 refineries produced 9.1 million cubic metres of petroleum product, 32.2 thousand cubic metres (+0.4%) above the same month a year earlier. Motor gasoline production was down 15.2 thousand cubic metres (-0.5%). Diesel fuel oil production declined 96.1 thousand cubic metres (-4.0%) from a year earlier.
Crude oil and equivalent receipts by Canadian refineries totalled 8.5 million cubic metres in October 2011, 409.8 thousand cubic metres (+5.1%) higher than the same month a year earlier. Of this volume, domestic crude oils totalled 4.8 million cubic metres, down 259.4 thousand cubic metres (-5.2%) from a year earlier.
Refiners took 3.7 million cubic metres of imported crude oil in October 2011, up 669 thousand cubic metres (+21.9%) from than the same month a year earlier. Imports represented nearly 44% of total refiner receipts. OPEC crude oil accounted for about 51.4% of total imports. Angola (19.9%), Saudi Arabia (10.6%) and Algeria (16.8%) were the largest OPEC suppliers. Norway (13.4%) and the United Kingdom (4.7%) supplied an additional 18% of the imports. Year-to-date imports were down 9.4% from the same period in 2010.
Crude oil and refined petroleum product inventories held by refineries and major distributors closed October 2011 at 11.4 million cubic metres, 196.2 thousand cubic metres (-1.7%) below a year earlier. Of this volume, refined petroleum products inventories totaled 8.5 million cubic metres, 58.7 thousand cubic metres (-0.7%) below October 2010 level.
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