French diesel imports hit record high in November

French imports of 10ppm diesel reached a new high in November, propelled by some planned and unplanned refinery downtime and by rising demand.

Imports of 515,000 b/d were up from 420,000 b/d in October and more than double the level of a year earlier, according to customs data. This was slightly higher than the 500,000 b/d imported in January last year and the 505,000 b/d in June 2020. Imports in January-November last year were 400,000 b/d, up by 8pc year on year and the highest for the period in the past nine years.

Imports were supported by planned works at UK-Chinese refiner Petroineos' 210,000 b/d unit at the Mediterranean port of Lavera, while a fire at TotalEnergies' 105,000 b/d Feyzin refinery meant it only began restarting at the end of October. The same firm's 222,000 b/d Donges refinery remains offline for an extended turnaround, having been closed since December 2020 initially on economic grounds.

Imports were also boosted by increased domestic consumption. French petroleum federation CPDP said demand was 630,000 b/d in November, up by 31pc year on year, and was 625,000 b/d in first 11 months of last year, an increase of 11pc year on year but lower than 675,000 b/d in the same period in 2019 before the Covid-19 pandemic.

The two largest suppliers in November were staple providers Russia and Saudi Arabia, with 115,000 b/d and 90,000 b/d respectively (see chart). India supplied 70,000 b/d, Belgium 55,000 b/d and Sweden a record 45,000 b/d.

In the first 11 months of last year Russia supplied 140,000 b/d to France, up from 95,000 b/d a year earlier, Saudi Arabia 80,000 b/d up from 75,000 b/d and the Netherlands 45,000 b/d up from 30,000 b/d. Belgium provided 30,000 b/d, and the US, Spain, Sweden, the UAE, India and Germany 10,000-20,000 b/d each.

Imports took 65pc of French demand in the first 11 months of last year, a figure distorted by the Covid-19 pandemic and refinery works but higher than 54pc in the first 11 months of 2019.

Apparent output in November — assessed by Argus using import, export, demand and stocks data — fell on the month to 205,000 b/d from 255,000 b/d. Estimated output in January-November was 225,000 b/d, up by 7pc on the year but still well below 315,000 b/d in the first 11 months of 2019.

By Adam Porter

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