Report Update May 1, 2024

Cuba - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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Cuba: Crude Oil Market 2024

Crude Oil Market Size in Cuba

In 2021, the Cuban crude oil market decreased by 0% to $X, falling for the fifth year in a row after two years of growth. Over the period under review, consumption recorded a significant increase. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Crude Oil Production in Cuba

In value terms, crude oil production shrank significantly to $X in 2021 estimated in export price. Over the period under review, production faced a precipitous contraction. Crude oil production peaked at $X in 2020, and then contracted dramatically in the following year.

Crude Oil Exports

Exports from Cuba

In 2021, approx. X tons of crude petroleum oil were exported from Cuba; falling by -49.7% on the previous year's figure. In general, exports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2020 when exports increased by 15,814% against the previous year. As a result, the exports reached the peak of X tons, and then reduced notably in the following year.

In value terms, crude oil exports dropped markedly to $X in 2021. Overall, exports recorded a pronounced shrinkage. The growth pace was the most rapid in 2020 with an increase of 7,596%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), India (X tons) and Belgium (X tons) were the main destinations of crude oil exports from Cuba.

From 2012 to 2020, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +6.7%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for crude oil exports from Cuba, comprising 79% of total exports. The second position in the ranking was held by India ($X), with a 20% share of total exports.

From 2012 to 2020, the average annual rate of growth in terms of value to China totaled +2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (0.0% per year) and Belgium (0.0% per year).

Export Prices by Country

In 2020, the average crude oil export price amounted to $X per ton, waning by -51.6% against the previous year. Over the period under review, the export price showed a abrupt shrinkage. The growth pace was the most rapid in 2013 an increase of 16% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2020, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2020, the country with the highest price was China ($X per ton), while the average price for exports to Belgium ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to China (-4.2%).

Crude Oil Imports

Imports into Cuba

In 2021, approx. X tons of crude petroleum oil were imported into Cuba; with a decrease of -29.9% on the previous year's figure. In general, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 141%. Over the period under review, imports hit record highs at X tons in 2020, and then declined notably in the following year.

In value terms, crude oil imports shrank notably to $X in 2021. Overall, imports, however, posted a slight increase. The most prominent rate of growth was recorded in 2020 with an increase of 159%. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2020, Algeria (X tons) was the main supplier of crude oil to Cuba, with a approx. 99.9% share of total imports.

From 2012 to 2020, the average annual growth rate of volume from Algeria stood at +51.9%.

In value terms, Algeria ($X) constituted the largest supplier of crude oil to Cuba.

From 2012 to 2020, the average annual rate of growth in terms of value from Algeria totaled +6.9%.

Import Prices by Country

The average crude oil import price stood at $X per ton in 2020, rising by 14% against the previous year. Over the period under review, the import price, however, faced a significant decrease. The growth pace was the most rapid in 2018 an increase of 27%. The import price peaked at $X per ton in 2013; however, from 2014 to 2020, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Algeria.

From 2012 to 2020, the rate of growth in terms of prices for Russia amounted to +3.5% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude petroleum oil in the world?

The country with the largest volume of crude oil consumption was Israel, accounting for 98% of total volume.

What are the largest producers of crude petroleum oil in the world?

The countries with the highest volumes of production in 2021 were the United States, Russia and Saudi Arabia, with a combined 39% share of global production. Canada, the United Arab Emirates, Iraq, China, Brazil, Iran, Kuwait, Mexico, Nigeria and Angola lagged somewhat behind, together comprising a further 40%.

What are the leading suppliers of crude petroleum oil to Cuba?

In value terms, Algeria constituted the largest supplier of crude oil to Cuba.

What are the leading importers of crude petroleum oil from Cuba?

In value terms, China remains the key foreign market for crude oil exports from Cuba, comprising 79% of total exports. The second position in the ranking was taken by India, with a 20% share of total exports.

What is the average export price for crude petroleum oil in Cuba?

The average crude oil export price stood at $243 per ton in 2020, which is down by -51.6% against the previous year.

What is the average import price for crude petroleum oil in Cuba?

In 2020, the average crude oil import price amounted to $464 per ton, growing by 14% against the previous year.

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

Cuba

Data coverage:

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