Ghana - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights
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View PricingCrude Oil Price in Ghana - 2022
Contents:
- Crude Oil Price in Ghana (FOB) - 2022
- Crude Oil Price in Ghana (CIF) - 2022
- Crude Oil Exports in Ghana
- Crude Oil Imports in Ghana
Crude Oil Price in Ghana (FOB) - 2022
The average crude oil export price stood at $433 per ton in 2022, with a decrease of -13.3% against the previous year. Overall, the export price showed a noticeable shrinkage. The pace of growth was the most pronounced in 2021 when the average export price increased by 35%. Over the period under review, the average export prices attained the maximum at $629 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was South Africa ($679 per ton), while the average price for exports to Taiwan (Chinese) ($268 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+9.6%), while the prices for the other major destinations experienced more modest paces of growth.
Crude Oil Price in Ghana (CIF) - 2022
The average crude oil import price stood at $1,315 per ton in 2022, with a decrease of -27.6% against the previous year. Overall, the import price recorded a deep setback. The pace of growth appeared the most rapid in 2015 an increase of 121% against the previous year. As a result, import price reached the peak level of $4,069 per ton. From 2016 to 2022, the average import prices remained at a lower figure.
As there is only one major supplying country, the average price level is determined by prices for Nigeria.
From 2012 to 2022, the rate of growth in terms of prices for Greece amounted to +94.3% per year.
Crude Oil Exports in Ghana
In 2022, shipments abroad of crude petroleum oil increased by 1.5% to 8.2M tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a mild contraction.
In value terms, crude oil exports contracted to $3.5B in 2022. Overall, exports, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2021 when exports increased by 31%.
| Export of Crude Oil in Ghana (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 1,720 | 1,164 | 853 | 1,060 | -14.9% |
| United States | 269 | 324 | 1,130 | 872 | 48.0% |
| United Kingdom | 175 | 220 | 253 | 400 | 31.7% |
| Italy | 134 | 18.8 | 108 | 250 | 23.1% |
| India | 296 | 85.0 | 234 | 186 | -14.3% |
| Canada | 146 | 172 | 189 | 159 | 2.9% |
| Germany | 50.5 | 33.7 | 79.5 | 98.0 | 24.7% |
| France | 125 | 38.4 | 98.2 | 77.9 | -14.6% |
| Spain | 184 | 57.0 | 122 | 74.4 | -26.1% |
| Malaysia | 94.9 | 109 | 121 | 71.5 | -9.0% |
| South Africa | 654 | 407 | 435 | 71.0 | -52.3% |
| Thailand | 48.3 | 118 | 100 | 62.1 | 8.7% |
| Netherlands | 143 | 139 | 56.2 | 7.5 | -62.6% |
| Others | 209 | 175 | 241 | 152 | -10.1% |
| Total | 4,249 | 3,060 | 4,021 | 3,541 | -5.9% |
Top Export Markets for Crude Oil from Ghana in 2022:
- United States (2601.0K tons)
- China (2477.0K tons)
- United Kingdom (669.1K tons)
- India (552.8K tons)
- Italy (436.5K tons)
- Canada (292.4K tons)
- France (166.5K tons)
- Germany (159.8K tons)
- Thailand (133.3K tons)
- Spain (113.3K tons)
- Malaysia (106.9K tons)
- South Africa (104.5K tons)
- Netherlands (12.9K tons)
Crude Oil Imports in Ghana
In 2022, imports of crude petroleum oil into Ghana surged to 89K tons, rising by 58% on 2021. In general, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2020 when imports increased by 218% against the previous year. As a result, imports reached the peak of 122K tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
In value terms, crude oil imports expanded notably to $118M in 2022. Over the period under review, total imports indicated a significant increase from 2019 to 2022: its value increased at an average annual rate of +20.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -11.4% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 98% against the previous year. As a result, imports attained the peak of $133M. From 2021 to 2022, the growth of imports remained at a lower figure.
| Import of Crude Oil in Ghana (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Nigeria | 61.7 | 116 | 87.1 | 106 | 19.8% |
| Others | 5.4 | 16.9 | 15.4 | 11.9 | 30.1% |
| Total | 67.2 | 133 | 103 | 118 | 20.6% |
Top Suppliers of Crude Oil to Ghana in 2022:
- Nigeria (87.8K tons)
This report provides an in-depth analysis of the crude oil market in Ghana. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
Country coverage:
- Ghana
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Ghana
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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This report provides an in-depth analysis of the crude oil market in Ghana.
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This report provides an in-depth analysis of the market for crude oil and processed petroleum in Ghana.
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This report provides an in-depth analysis of the global crude oil market.
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This report provides an in-depth analysis of the global market for crude oil and processed petroleum.
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This report provides an in-depth analysis of the crude oil market in Ghana.
107
This report provides an in-depth analysis of the market for crude oil and processed petroleum in Ghana.
419
This report provides an in-depth analysis of the global crude oil market.
147
This report provides an in-depth analysis of the global market for crude oil and processed petroleum.
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Explore the top import markets for crude oil and examine key statistics related to their import value. China, the United States, and India lead the pack.
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Explore the top import markets for crude oil and examine key statistics related to their import value. China, the United States, and India lead the pack.
