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Written by Euroilstock   
Saturday, 12 June 2004
Euroilstock is the rapid European oil information reporting system founded by the oil industry and the Commission of the European Communities. Originally, coordination was in the hands of the EC Commission. As of July 1986, this task was taken over by the oil industry and for this purpose Stichting/Foundation Euroilstock was established in Rotterdam, the Netherlands. Stichting Euroilstock is a foundation under Dutch law. It coordinates the reporting system and has set up procedures to safeguard the professional and independent compilation of accurate and timely statistics. Euroilstock has historically used the services of KPMG as an auditor to compile the data submissions and to ensure its confidentiality.

Seven working days after the end of each month the Euroilstock Inventory Report (inventories and refinery crude intake) is made available for publication. This report contains data on the estimated primary stocks in the fifteen member countries of the European Union plus Norway. Refinery crude intake and month-end national stock levels for crude oil and feedstocks, finished motor gasolines, middle distillates and fuel oils are shown in comparison with estimated levels of the two previous months and the actuals of the previous year. For the European Union plus Norway as a whole, the estimated stock level of naphtha is also reported. Euroilstock Refinery Report provides information on refinery crude intake (revised), production levels of motor gasolines, middle distillates, fuel oils and total net production per country and the production level of naphtha for the European Union plus Norway as a whole and is made available fifteen working days after months-end.


Euroilstock reports are based on input from participating companies involved in oil production, refining and storage as well as other reporting entities. They report on the fifth working day of each month their actual physical stock levels per country at the end of the previous month and their actual level of refinery crude intake for the same month. In addition, participating refineries report their actual levels of refinery net output (thirteenth working day after month-end). If applicable, revisions of refinery crude intake figures are included in the latter reports. Participation is voluntary and open to any company regularly holding crude oil and/or oil product stocks. A major goal of Euroilstock is to increase participation in order to increase the level of accuracy of its reporting of stocks, refinery crude intake and refinery net output.


On behalf of Euroilstock, KPMG collects the data from more than 80 reporting companies. The data reported to KPMG generally do not account for 100% of the primary stocks, refinery crude intake and refinery net output in a given country. National statistics for the countries covered by the Euroilstock reports are published on a harmonized basis by the IEA. The IEA data is considered by the Euroilstock to be the most accurate reporting of national oil sector data, and is accordingly used as the yardstick for scaling-up of data and performance measurements. The IEA authorizes Euroilstock to publish their data in this limited manner. Accordingly, Euroilstock does not redistribute historic IEA data to complement its own information.  All historic data for European oil stocks should be taken from the IEA


Euroilstock's reports are promptly made available to all participating organizations via fax and made public via Reuters.


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