ECOWAS: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in ECOWAS

The ECOWAS market for crude oil and processed petroleum declined sharply to $X in 2022, waning by X% against the previous year. Overall, consumption continues to indicate a pronounced reduction. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Crude Oil and Processed Petroleum in ECOWAS

In value terms, crude oil and processed petroleum production dropped to $X in 2022 estimated in export price. In general, production saw a abrupt contraction. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Crude Oil and Processed Petroleum

Exports in ECOWAS

In 2022, shipments abroad of crude oil and processed petroleum decreased by X% to X tons, falling for the fourth consecutive year after two years of growth. In general, exports showed a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude oil and processed petroleum exports surged to $X in 2022. Over the period under review, exports recorded a abrupt slump. The growth pace was the most rapid in 2018 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

In 2022, Nigeria (X tons) was the largest exporter of crude oil and processed petroleum, generating X% of total exports. It was distantly followed by Ghana (X tons), constituting a X% share of total exports. Cote d'Ivoire (X tons) took a relatively small share of total exports.

Exports from Nigeria decreased at an average annual rate of X% from 2012 to 2022. At the same time, Ghana (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Cote d'Ivoire (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest crude oil and processed petroleum supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports.

In Nigeria, crude oil and processed petroleum exports decreased by an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, jumping by X% against the previous year. In general, the export price recorded a slight expansion. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

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

Imports of Crude Oil and Processed Petroleum

Imports in ECOWAS

After four years of growth, overseas purchases of crude oil and processed petroleum decreased by X% to X tons in 2022. In general, imports, however, posted a strong increase. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports attained the peak of X tons, and then declined significantly in the following year.

In value terms, crude oil and processed petroleum imports dropped to $X in 2022. Overall, imports, however, recorded a measured increase. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, Nigeria (X tons) was the major importer of crude oil and processed petroleum, mixing up X% of total imports. Togo (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (X%), Senegal (X%) and Liberia (X%). The following importers - Burkina Faso (X tons) and Mali (X tons) - each accounted for a X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Togo (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil and processed petroleum importing markets in ECOWAS were Nigeria ($X), Togo ($X) and Cote d'Ivoire ($X), with a combined X% share of total imports. Burkina Faso, Senegal, Liberia and Mali lagged somewhat behind, together accounting for a further X%.

Burkina Faso, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the import price, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2017 when the import price increased by X% against the previous year. Over the period under review, import prices attained the peak figure 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 importing countries. In 2022, amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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