Analysis – July 2012

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Domestic sales of refined petroleum products in July 2012 totalled 9.8 million cubic metres, 754.8 thousand cubic metres (+ 8.4%) higher than July 2011. Sales were up in all but two of the refined petroleum products. Motor Gasoline sales were up 119.7 thousand cubic metres (+ 3.0%) from July 2011 and Diesel Fuel sales were up 94.1 thousand cubic metres (+ 3.8%). Motor gasoline and Diesel together accounted for 68.5% of the total petroleum products sales.

Refinery production in July 2012 totalled 9.3 million cubic metres; 2.6 thousand cubic metres (+ 2.9%) higher than July 2011. Motor Gasoline and Diesel production combined account for 61.5% of the total.

The crude oil or equivalent received was increased from the previous year by 1.1 million cubic metres (+ 15.6%). Receipts of domestic crude oils to refineries totalled 5.0 million cubic metres, 584.1 thousand (+ 13.3%) above the July 2011 totals. The crude oil or equivalent received was further increased by a rise of 5.6 thousand cubic metres in imported crude, bringing the total to 3.5 million cubic metres (+ 19.0%). Crude oil imports represented 41.4% of domestic refinery requirements.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed July 2012 at 10.9 million cubic metres down 448.3 thousand cubic metres (- 4.0%). Petroleum product inventories totaled 8.1 million cubic metres, down 411.7 thousand cubic metres (- 4.8%) from July 2011.

OPEC contributing countries accounted for 57.9% of the total imports lead by Algeria 13.9%, Angola 13.1% and Saudi Arabia 9.6%. North Sea producers made up of Norway and the UK account for a further 12.4%.