Analysis – May 2012

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Domestic sales of refined petroleum products in May totalled 9.3 million cubic metres, 786.0 thousand cubic metres (+ 9.2%) higher than May 2011. This sales increase was led by a 256.5 thousand cubic meter increase (+ 6.9%) in motor gasoline and a 251.0 thousand cubic meter increase (+ 9.9%) in diesel fuel. January to May sales of petroleum products were up 3.8% compared to the same period last year.

The overall sales increase was aided though petroleum refineries drawing off both their crude and product inventories as well as increases in the domestic crude received and imports.

About 89% of motor gasoline was sold at the retail pump in May with regular unleaded gasoline accounting for 89% of these sales.

Refinery production in May totalled 8.8 million cubic metres up 471.6 thousand cubic metres (+ 5.7%) from May 2011. Deliveries of crude oils to domestic refineries totalled 8.6 million cubic metres, 741.7 thousand cubic metres (+ 9.4) below the same month a year earlier. The increase was shown through a 402.5 thousand cubic metre increase in Domestic crude (+ 9.4%) and a matching 9.4% increase in imports (+ 432.4 thousand cubic metres).

Crude oil imports represented a total of 45.9% of domestic refinery requirements. OPEC sources led by Algeria, Iraq and Saudi Arabia accounted for 50.6% of the total foreign supply. North Sea producers, Norway and the United Kingdom, provided the additional 4.7%.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed May 2012 at 11.3 million cubic metres (- 7.6%) as compared to May 2011. Petroleum product inventories totaled 8.2 million cubic metres, a decrease of 572.1 thousand meters over the same month a year previous (- 6.6%).