CIS: Crude Oil Market 2024

Crude Oil Market Size in CIS

The CIS crude oil market declined to $X in 2022, waning by X% against the previous year. Over the period under review, consumption recorded a pronounced slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Production in CIS

In value terms, crude oil production reduced to $X in 2022 estimated in export price. Overall, production showed a abrupt curtailment. The growth pace was the most rapid in 2018 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Crude Oil Exports

Exports in CIS

In 2022, shipments abroad of crude petroleum oil increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, crude oil exports skyrocketed to $X in 2022. In general, exports, however, showed a perceptible reduction. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia represented the main exporting country with an export of about X tons, which amounted to X% of total exports. It was distantly followed by Kazakhstan (X tons) and Azerbaijan (X tons), together making up a X% share of total exports.

Russia experienced a relatively flat trend pattern with regard to volume of exports of crude petroleum oil. Azerbaijan and Kazakhstan experienced a relatively flat trend pattern. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) remains the largest crude oil supplier in the CIS, comprising X% of total exports. The second position in the ranking was held by Kazakhstan ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Russia amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Kazakhstan (X% per year) and Azerbaijan (X% per year).

Export Prices by Country

The export price in the CIS stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the export price, however, recorded a mild decrease. The growth pace was the most rapid in 2021 an increase of X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Azerbaijan ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Azerbaijan (X%), while the other leaders experienced a decline in the export price figures.

Crude Oil Imports

Imports in CIS

Crude oil imports fell to X tons in 2022, shrinking by X% against the year before. In general, imports recorded a abrupt contraction. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil imports reduced rapidly to $X in 2022. Overall, imports showed a abrupt setback. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Belarus prevails in imports structure, resulting at X tons, which was approx. X% of total imports in 2022. The following importers - Azerbaijan (X tons) and Uzbekistan (X tons) - together made up X% of total imports.

From 2012 to 2022, average annual rates of growth with regard to crude oil imports into Belarus stood at X%. At the same time, Azerbaijan (X%) and Uzbekistan (X%) displayed positive paces of growth. Moreover, Azerbaijan emerged as the fastest-growing importer imported in the CIS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Belarus, Azerbaijan and Uzbekistan increased by X, X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Belarus ($X) constitutes the largest market for imported crude petroleum oil in the CIS, comprising X% of total imports. The second position in the ranking was taken by Azerbaijan ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Belarus amounted to X%. In the other countries, the average annual rates were as follows: Azerbaijan (X% per year) and Uzbekistan (X% per year).

Import Prices by Country

In 2022, the import price in the CIS amounted to $X per ton, falling by X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by X%. The level of import peaked at $X per ton in 2021, and then contracted in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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