Denmark: Crude Oil Market 2024

Crude Oil Market Size in Denmark

In 2022, the Danish crude oil market increased by X% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, saw a relatively flat trend pattern. Crude oil consumption peaked in 2022 and is expected to retain growth in the near future.

Crude Oil Production in Denmark

In value terms, crude oil production declined notably to $X in 2022 estimated in export price. Overall, production saw a abrupt decrease. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. Crude oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Crude Oil Exports

Exports from Denmark

For the seventh consecutive year, Denmark recorded decline in shipments abroad of crude petroleum oil, which decreased by X% to X tons in 2022. Over the period under review, exports continue to indicate a sharp decline. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, crude oil exports rose sharply to $X in 2022. In general, exports faced a sharp reduction. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for crude oil exports from Denmark, with a X% share of total exports. Moreover, crude oil exports to the Netherlands exceeded the volume sent to the second major destination, Finland (X tons), fourfold. Turkey (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (X% per year) and Turkey (X% per year).

In value terms, the Netherlands ($X) remains the key foreign market for crude petroleum oil exports from Denmark, comprising X% of total exports. The second position in the ranking was held by Finland ($X), with an X% share of total exports. It was followed by Sweden, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the Netherlands totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (X% per year) and Sweden (X% per year).

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, growing by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Turkey ($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 Turkey (X%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Oil Imports

Imports into Denmark

In 2022, the amount of crude petroleum oil imported into Denmark fell to X tons, reducing by X% against the previous year's figure. 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 throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by X%. Over the period under review, imports reached the maximum at X tons in 2021, and then fell in the following year.

In value terms, crude oil imports soared to $X in 2022. In general, imports, however, recorded a temperate increase. The pace of growth appeared the most rapid in 2021 with an increase of X%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

The United States (X tons), Norway (X tons) and the UK (X tons) were the main suppliers of crude oil imports to Denmark, with a combined X% share of total imports.

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

In value terms, the largest crude oil suppliers to Denmark were the United States ($X), Norway ($X) and the UK ($X), together accounting for X% of total imports.

In terms of the main suppliers, the United States, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, rising by X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Russia ($X per ton) and Algeria ($X per ton), while the price for Norway ($X per ton) and the UK ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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