ECOWAS: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in ECOWAS

The ECOWAS market for processed petroleum oils and distillates fell notably to $X in 2022, declining by X% against the previous year. Overall, consumption, however, saw a notable expansion. As a result, consumption reached the peak level of $X, and then contracted notably in the following year.

Production of Processed Petroleum Oils and Distillates in ECOWAS

In value terms, processed petroleum oils and distillates production shrank modestly to $X in 2022 estimated in export price. Overall, production recorded a abrupt slump. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

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Exports of Processed Petroleum Oils and Distillates

Exports in ECOWAS

In 2022, shipments abroad of processed petroleum oils and distillates decreased by X% to X tons, falling for the fifth year in a row after two years of growth. Over the period under review, exports recorded a mild contraction. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports plummeted to $X in 2022. In general, exports recorded a abrupt decline. The pace of growth was the most pronounced in 2017 with an increase of 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

Senegal (X tons) and Nigeria (X tons) represented roughly X% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons) and Ghana (X tons), together making up a X% share of total exports. The following exporters - Niger (X tons), Togo (X tons) and Liberia (X tons) - each finished at an X% share of total exports.

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

In value terms, Senegal ($X), Cote d'Ivoire ($X) and Ghana ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Nigeria, Liberia, Togo and Niger lagged somewhat behind, together accounting for a further X%.

Togo, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, waning by X% against the previous year. In general, the export price recorded a abrupt downturn. The growth pace was the most rapid in 2018 when the export price increased by X%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Liberia ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Imports of Processed Petroleum Oils and Distillates

Imports in ECOWAS

After four years of growth, overseas purchases of processed petroleum oils and distillates decreased by X% to X tons in 2022. Over the period under review, imports, however, saw prominent growth. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of X tons, and then dropped notably in the following year.

In value terms, processed petroleum oils and distillates imports dropped notably to $X in 2022. Overall, imports, however, posted a measured increase. The growth pace was the most rapid in 2021 with an increase of X%. As a result, imports attained the peak of $X, and then dropped remarkably in the following year.

Imports by Country

Nigeria was the largest importer of processed petroleum oils and distillates in ECOWAS, with the volume of imports resulting at X tons, which was near X% of total imports in 2022. Togo (X tons) held the second position in the ranking, distantly followed by Senegal (X tons) and Liberia (X tons). All these countries together held approx. X% share of total imports. The following importers - Burkina Faso (X tons), Mali (X tons), Guinea (X tons) and Cote d'Ivoire (X tons) - together made up X% of total imports.

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

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

Cote d'Ivoire, 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

In 2022, the import price in ECOWAS amounted to $X per ton, rising by X% against the previous year. Overall, the import price, however, saw a abrupt contraction. The pace of growth appeared the most rapid in 2017 when the import price increased by X% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Guinea ($X per ton), while Senegal ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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