ECOWAS: Crude Oil Market 2024

Crude Oil Market Size in ECOWAS

After two years of growth, the ECOWAS crude oil market decreased by X% to $X in 2022. Overall, consumption, however, enjoyed a prominent expansion. The level of consumption peaked at $X in 2021, and then reduced in the following year.

Crude Oil Production in ECOWAS

In value terms, crude oil production contracted to $X in 2022 estimated in export price. In general, production showed a abrupt decline. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Crude Oil Exports

Exports in ECOWAS

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

In value terms, crude oil exports skyrocketed to $X in 2022. Overall, exports continue to indicate a abrupt setback. The pace of growth was the most pronounced in 2018 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria was the largest exporter of crude petroleum oil in ECOWAS, with the volume of exports reaching X tons, which was approx. X% of total exports in 2022. It was distantly followed by Ghana (X tons), mixing up a X% share of total exports. Cote d'Ivoire (X tons) took a minor 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 ($X) remains the largest crude oil supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports.

In Nigeria, crude oil exports contracted 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

In 2022, the export price in ECOWAS amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the export price saw a mild expansion. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. Over the period under review, the export prices attained the peak figure in 2022 and is likely to continue 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.

Crude Oil Imports

Imports in ECOWAS

In 2022, approx. X tons of crude petroleum oil were imported in ECOWAS; approximately mirroring 2021. Over the period under review, imports, however, continue to indicate a mild curtailment. The pace of growth was the most pronounced in 2018 with an increase of X%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, crude oil imports skyrocketed to $X in 2022. Overall, imports, however, saw a noticeable decrease. The growth pace was the most rapid in 2018 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Cote d'Ivoire was the key importer of crude petroleum oil in ECOWAS, with the volume of imports finishing at X tons, which was near X% of total imports in 2022. It was distantly followed by Senegal (X tons), constituting a X% share of total imports. Liberia (X tons) and Ghana (X tons) followed a long way behind the leaders.

Cote d'Ivoire experienced a relatively flat trend pattern with regard to volume of imports of crude petroleum oil. At the same time, Liberia (X%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Senegal (X%) and Ghana (X%) illustrated a downward trend over the same period. Cote d'Ivoire (X p.p.) and Liberia (X p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Senegal saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported crude petroleum oil in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Senegal ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Ghana (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, growing by X% against the previous year. Overall, the import price, however, recorded a mild slump. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 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 Ghana ($X per ton), while Liberia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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