Bulgaria: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in Bulgaria

The Bulgarian market for crude oil and processed petroleum soared to $X in 2022, growing by X% against the previous year. Over the period under review, consumption, however, showed a mild contraction. Crude oil and processed petroleum consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Crude Oil and Processed Petroleum in Bulgaria

In value terms, crude oil and processed petroleum production declined to $X in 2022 estimated in export price. Overall, production continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of X%. Crude oil and processed petroleum production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Crude Oil and Processed Petroleum

Exports from Bulgaria

In 2022, overseas shipments of crude oil and processed petroleum were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, showed a mild decline. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, crude oil and processed petroleum exports surged to $X in 2022. Overall, exports recorded a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Ukraine (X tons), Egypt (X tons) and Gibraltar (X tons) were the main destinations of crude oil and processed petroleum exports from Bulgaria, with a combined X% share of total exports. Turkey, Romania, Libya, Georgia, Croatia, Lebanon, Serbia, Hungary, North Macedonia and Israel lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Libya (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ukraine ($X) remains the key foreign market for crude oil and processed petroleum exports from Bulgaria, comprising X% of total exports. The second position in the ranking was held by Egypt ($X), with an X% share of total exports. It was followed by Gibraltar, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ukraine amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (X% per year) and Gibraltar (X% per year).

Export Prices by Country

The average export price for crude oil and processed petroleum stood at $X per ton in 2022, increasing by X% against the previous year. In general, the export price continues to indicate slight growth. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

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 Hungary ($X per ton), while the average price for exports to Croatia ($X 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 Gibraltar (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Oil and Processed Petroleum

Imports into Bulgaria

In 2022, crude oil and processed petroleum imports into Bulgaria surged to X tons, growing by X% on 2021 figures. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude oil and processed petroleum imports skyrocketed to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Russia (X tons) constituted the largest crude oil and processed petroleum supplier to Bulgaria, with a X% share of total imports. Moreover, crude oil and processed petroleum imports from Russia exceeded the figures recorded by the second-largest supplier, Romania (X tons), threefold. Greece (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Russia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (X% per year) and Greece (X% per year).

In value terms, Russia ($X) constituted the largest supplier of crude oil and processed petroleum to Bulgaria, comprising X% of total imports. The second position in the ranking was held by Romania ($X), with an X% share of total imports. It was followed by Greece, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (X% per year) and Greece (X% per year).

Import Prices by Country

In 2022, the average import price for crude oil and processed petroleum amounted to $X per ton, picking up by X% against the previous year. Overall, the import price, however, saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2021 an increase of X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Egypt ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :