Analysis – March 2012

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Domestic sales of refined petroleum products in March 2012 totalled 9.1 million cubic metres, a slight decrease of 78.1 thousand cubic metres (- 0.9 %) from the same month a year earlier. The largest volumetric sales decrease was a 56.9 thousand cubic metre (- 22.0 %) decline in the demand for asphalt. The largest volumetric increase was in Heavy Fuel Oil sales which increased by 89.1 thousand cubic metres (+ 21.1 %).

Domestic refineries produced 9.6 million cubic metres of petroleum product in March 2012, - 463.9 thousand cubic metres (- 4.6 %) below the same month a year earlier. The March 2012 motor gasoline production showed a modest increase of 66.6 thousand cubic metres (+ 1.9 %) compared to the same month a year earlier. Diesel Fuel Oil posted a slight decrease of 15.8 thousand cubic metres (- 0.7 %). Of the refined petroleum products Light fuel oil production showed the greatest year over year variation with a 121.2 thousand cubic metres decrease (- 14.3 %).

On a quarterly basis the January to March 2012 refined petroleum product sales totalled 25.9 million cubic metres, 83.5 thousand cubic metres (+ 0.3 %) above the same three month period in 2011. Refined Petroleum Product production for the same 3 month time frame showed a slight decrease of 892.3 thousand cubic metres (- 3.2 %).

Crude oil receipts by domestic refineries totalled 8.1 million cubic metres, down by 1.1 million cubic metres (- 12.2 %) from the same month a year earlier. Receipts of domestic crude oils totalled 49.5 million cubic metres, down 77.6 thousand cubic metres (+ 1.5 %). Imports totalled 3.2 million cubic metres, down 1.1 million cubic metres (- 24.8 %). Imports represented 39 % of total crude oil receipts.

OPEC crude oils accounted for about 67 % of crude oil imports in March 2012. Algeria provided almost 27 % of OPEC supplies followed by Saudi Arabia at about 23 %. North Sea producers (Norway and the United Kingdom) supplied an additional 13 % of import requirements.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed March 2012 at 11.3 million cubic metres, down 690.7 thousand cubic metres (- 5.8 %) below the close of March 2011. Product inventories totaled 8.9 million cubic metres, slightly below March 2011. Crude oil inventories closed the month at 2.3 million cubic metres, down 689.3 thousand cubic metes (- 22.9 %) below a year earlier.