Report Update: May 1, 2024

Serbia - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights

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Crude Oil Price in Serbia - 2023

Crude Oil Price in Serbia (CIF) - 2023

In October 2023, the average crude oil import price amounted to $673 per ton, rising by 3.8% against the previous month. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in May 2023 an increase of 24% against the previous month. Over the period under review, average import prices reached the peak figure in October 2023.

Average prices varied noticeably amongst the major supplying countries. In October 2023, the country with the highest price was Norway ($702 per ton), while the price for Iraq totaled $643 per ton.

From October 2022 to October 2023, the most notable rate of growth in terms of prices was attained by Norway (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Crude Oil Price in Serbia (FOB) - 2022

The average crude oil export price stood at $628 per ton in 2022, leveling off at the previous year. In general, the export price showed a perceptible setback. The most prominent rate of growth was recorded in 2021 when the average export price increased by 76% against the previous year. Over the period under review, the average export prices reached the peak figure at $957 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Bosnia and Herzegovina.

From 2012 to 2022, the rate of growth in terms of prices for Bosnia and Herzegovina amounted to -4.1% per year.

Crude Oil Imports in Serbia

Crude oil imports into Serbia soared to 3.4M tons in 2022, jumping by 32% on the previous year. In general, total imports indicated strong growth from 2019 to 2022: its volume increased at an average annual rate of +12.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +45.5% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude oil imports skyrocketed to $2.3B in 2022. Over the period under review, imports recorded a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Import of Crude Oil in Serbia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Iraq	460	435	755	1,210	38.0%
Russia	671	303	331	1,054	16.2%
Kazakhstan	N/A	97.6	205	N/A	110.0%
Others	3.0	3.9	50.9	15.2	71.8%
Total	1,134	839	1,341	2,280	26.2%

Top Suppliers of Crude Oil to Serbia in 2022:

Iraq (1.8M tons)
Russia (1.6M tons)

Crude Oil Exports in Serbia

For the third year in a row, Serbia recorded decline in overseas shipments of crude petroleum oil, which decreased by -2.1% to 347 tons in 2022. Over the period under review, exports faced a abrupt downturn.

In value terms, crude oil exports fell slightly to $218K in 2022. In general, exports recorded a deep downturn. The pace of growth appeared the most rapid in 2021 with an increase of 68%.

Export of Crude Oil in Serbia (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Bosnia and Herzegovina	271	133	212	218	-7.0%
Others	N/A	N/A	11.2	N/A	0%
Total	271	133	224	218	-7.0%

Top Export Markets for Crude Oil from Serbia in 2022:

Bosnia and Herzegovina (347.5 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the crude oil market in Serbia. 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:

Serbia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Serbia
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.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
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
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
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
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023