Analysis – December 2011

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Domestic sales of refined petroleum products in December 2011 totalled 8.8 million cubic metres, down 569 thousand cubic metres (-6.1%) from the same month a year earlier. Motor gasoline sales decreased 51.8 thousand cubic metres (-1.4%) and diesel fuel oil sales decreased 293.5 thousand cubic metres (-11.4%). On a year-over-year basis refined petroleum product sales were up 1.5 million cubic metres (+1.4%).

Refineries produced 9.8 million cubic metres of product in December 2011, showing a decrease (-5.5%) from the same month December 2010. Of the refined petroleum products, the largest volumetric decrease was in motor gasoline production which was down 362.8 thousand cubic metres (-9.8%) compared to December 2010.

Crude oil receipts by domestic refineries totalled 8.0 million cubic metres, down 1.1 million cubic metres (-11.9%) from the same month a year earlier. Receipts of domestic crude oils totalled 5.2 million cubic metres, up 96.5 thousand cubic metres (+1.9%).

The increase in receipts of domestic crude oils in December 2011 helped offset a decrease of 1.8 million cubic metres (-30.0%) in imported crude oils compared to the same month a year earlier. Imports totalled 2.7 million cubic metres and represented 34% of total crude oil receipts by domestic refiners.

OPEC crude oils accounted for 58.7% of crude oil imports in December 2011. Algeria (27.5%), Saudi Arabia (12.5%) and Angola (14.7%) were the largest OPEC suppliers. North Sea producer, Norway, supplied an additional 13.0% of total imports.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed December 2011 at 11.5 million cubic metres, 389.2 thousand cubic metres (-3.3%) less than the same month a year earlier. Product inventories totaled 8.9 million cubic metres, 244.3 thousand cubic metres (+2.8%) above December 2010. Crude oil inventories closed the month at 2.6 million cubic metres, down 19.4%.