Report Update: May 1, 2024

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

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Crude Oil Price in the UK - 2023

Crude Oil Price in the UK (CIF) - 2023

In June 2023, the average crude oil import price amounted to $597 per ton, which is down by -2.9% against the previous month. Overall, the import price showed a pronounced descent. The pace of growth appeared the most rapid in November 2022 when the average import price increased by 3.3% against the previous month. Over the period under review, average import prices attained the maximum at $895 per ton in June 2022; however, from July 2022 to June 2023, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In June 2023, the countries with the highest prices were Algeria ($633 per ton) and Libya ($630 per ton), while the price for Nigeria ($570 per ton) and Norway ($580 per ton) were amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Libya (-2.1%), while the prices for the other major suppliers experienced a decline.

Crude Oil Price in the UK (FOB) - 2023

In June 2023, the average crude oil export price amounted to $608 per ton, approximately mirroring the previous month. In general, the export price, however, recorded a noticeable descent. The pace of growth was the most pronounced in November 2022 when the average export price increased by 4.4% against the previous month. The export price peaked at $841 per ton in June 2022; however, from July 2022 to June 2023, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In June 2023, the countries with the highest prices were Sweden ($642 per ton) and Germany ($642 per ton), while the average price for exports to the Netherlands ($587 per ton) and Poland ($589 per ton) were amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for supplies to China (-0.9%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports in the UK

Crude oil imports into the UK skyrocketed to 52M tons in 2022, picking up by 16% on 2021 figures. Overall, total imports indicated a slight increase from 2019 to 2022: its volume increased at an average annual rate of +1.3% 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 +52.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 31%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, crude oil imports surged to $39.5B in 2022. Over the period under review, imports showed a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Import of Crude Oil in the UK (Billion USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Norway	11.2	7.2	11.9	17.7	16.5%
United States	5.5	4.2	5.8	11.5	27.9%
Libya	0.3	0.1	1.5	1.6	74.7%
Algeria	2.3	0.5	1.0	1.3	-17.3%
Nigeria	1.6	1.1	1.2	1.3	-6.7%
Canada	0.6	0.6	0.3	1.2	26.0%
Guyana	N/A	N/A	N/A	0.8	0%
Russia	2.0	1.3	1.4	0.5	-37.0%
Others	1.2	0.7	0.8	3.5	42.9%
Total	24.5	15.6	23.9	39.5	17.3%

Top Suppliers of Crude Oil to the UK in 2022:

Norway (23.7M tons)
United States (14.7M tons)
Libya (2.1M tons)
Algeria (1.8M tons)
Nigeria (1.8M tons)
Canada (1.6M tons)
Guyana (1.0M tons)
Russia (0.8M tons)

Crude Oil Exports in the UK

In 2022, the amount of crude petroleum oil exported from the UK shrank to 33M tons, reducing by -10% against the previous year's figure. In general, exports saw a deep contraction. The smallest decline of -0.5% was in 2020.

In value terms, crude oil exports skyrocketed to $25.1B in 2022. Overall, total exports indicated pronounced growth from 2019 to 2022: its value increased at an average annual rate of +2.0% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +56.0% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Export of Crude Oil in the UK (Billion USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Netherlands	8.0	7.0	9.3	10.9	10.9%
Germany	4.5	2.5	1.7	2.5	-17.8%
France	0.9	0.6	0.7	2.0	30.5%
Poland	0.4	0.1	0.2	1.7	62.0%
Sweden	0.6	0.6	0.6	1.7	41.5%
China	5.3	2.2	2.6	1.5	-34.3%
South Korea	0.4	0.8	1.5	0.9	31.0%
United States	1.3	0.3	0.9	0.8	-14.9%
Spain	0.6	0.2	0.2	0.3	-20.6%
Others	1.7	1.7	2.0	2.8	18.1%
Total	23.7	16.1	19.7	25.1	1.9%

Top Export Markets for Crude Oil from the UK in 2022:

Netherlands (14.4M tons)
Germany (3.2M tons)
France (2.7M tons)
Poland (2.2M tons)
Sweden (2.2M tons)
China (2.1M tons)
South Korea (1.3M tons)
United States (0.9M tons)
Spain (0.4M tons)

Source: IndexBox Market Intelligence Platform

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

United Kingdom

Data coverage:

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