Estonia: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in Estonia

The Estonian market for crude oil and processed petroleum skyrocketed to $X in 2022, picking up by X% against the previous year. Over the period under review, consumption showed measured growth. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Crude Oil and Processed Petroleum in Estonia

In value terms, crude oil and processed petroleum production amounted to less than $X in 2022 estimated in export price. In general, production faced a precipitous decrease. The most prominent rate of growth was recorded in 2013 when the production volume decreased by X%. Crude oil and processed petroleum production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Crude Oil and Processed Petroleum

Exports from Estonia

In 2022, approx. X tons of crude oil and processed petroleum were exported from Estonia; with a decrease of X% compared with the previous year. Overall, exports showed a deep contraction. The pace of growth was the most pronounced in 2015 with an increase of X%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, crude oil and processed petroleum exports surged to $X in 2022. Over the period under review, exports recorded a deep setback. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Belgium (X tons), Guatemala (X tons) and the UK (X tons) were the main destinations of crude oil and processed petroleum exports from Estonia, together comprising X% of total exports. Denmark, Norway, the United States, Canada, Argentina, Germany, the Netherlands, Lithuania, Latvia and Ecuador lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for crude oil and processed petroleum exported from Estonia were Belgium ($X), Guatemala ($X) and Norway ($X), with a combined X% share of total exports. Denmark, the UK, the United States, Canada, Argentina, the Netherlands, Germany, Latvia, Lithuania and Ecuador lagged somewhat behind, together comprising a further X%.

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

Export Prices by Country

In 2022, the average export price for crude oil and processed petroleum amounted to $X per ton, picking up by X% against the previous year. Overall, the export price continues to indicate modest growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to Belgium ($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 Ecuador (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Oil and Processed Petroleum

Imports into Estonia

In 2022, supplies from abroad of crude oil and processed petroleum was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. In general, imports, however, saw a pronounced setback. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, crude oil and processed petroleum imports surged to $X in 2022. Overall, imports, however, recorded a perceptible descent. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Lithuania (X tons), Russia (X tons) and Finland (X tons) were the main suppliers of crude oil and processed petroleum imports to Estonia, with a combined X% share of total imports. Kazakhstan, Belgium, Poland, the Netherlands, India and Belarus lagged somewhat behind, together accounting for a further X%.

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

In value terms, Lithuania ($X), Russia ($X) and Finland ($X) appeared to be the largest crude oil and processed petroleum suppliers to Estonia, with a combined X% share of total imports. Kazakhstan, Belgium, the Netherlands, Poland, India and Belarus lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, India, with a CAGR of X%, recorded the highest rates of growth with regard to 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 import price for crude oil and processed petroleum stood at $X per ton in 2022, picking up by X% against the previous year. In general, the import price recorded modest growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Belarus ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :