Analysis – October 2012

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Domestic sales of refined petroleum products in October 2012 totalled 9.3 million cubic metres, 522.6 thousand cubic metres (+5.9 %) higher than October the previous year.

January to October 2012 domestic sales of petroleum products were up 1.6 million cubic metres (+1.8 %) compared to the same ten month period in 2011.

Motor gasoline sales totalled 3.7 million cubic metres, 3.2 thousand cubic metres (+0.9 %) higher than October 2011. Diesel fuel oil sales totalled 2.6 million cubic metres, 111 thousand cubic metres (+4.4 %) higher than a year earlier.

Refinery production in October 2012 totalled 9.4 million cubic metres, 273 thousand cubic metres (+3.0 %) above October 2011.

Deliveries of crude oils to domestic refineries totalled 8.6 million cubic metres, 10.3 thousand cubic metres (+1.2 %) above October 2011.

Refinery receipts of domestic crude oils totalled 5.0 million cubic metres, 28.1 thousand cubic metres (+5.9%) higher than a year earlier.

Crude oil imports totalled 3.5 million cubic metres 17.8 thousand cubic metres (-4.8 %) below October 2011. Imports represented 41.3% of total refinery requirements.

OPEC sources led by Algeria and Iraq accounted for 51.8% of foreign supply. Supply from the North Sea, ( Norway), accounted for an additional 6.4 %.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed October 2012 at 11.6 million cubic metres.

Petroleum product inventories totaled 8.8 million cubic metres.

Most major product categories posted an increase in inventories. Motor Gasoline was the only major product to post a draw on inventories compared to the close of October 2011.