GCC: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in GCC

In 2022, the GCC market for crude oil and processed petroleum increased by X% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Crude Oil and Processed Petroleum in GCC

In value terms, crude oil and processed petroleum production reduced to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Crude Oil and Processed Petroleum

Exports in GCC

Crude oil and processed petroleum exports shrank dramatically to X tons in 2022, declining by X% on 2021. In general, exports continue to indicate a slight contraction. The growth pace was the most rapid in 2021 with an increase of X%. As a result, the exports attained the peak of X tons, and then shrank remarkably in the following year.

In value terms, crude oil and processed petroleum exports reduced rapidly to $X in 2022. Over the period under review, exports recorded a pronounced decline. The most prominent rate of growth was recorded in 2021 with an increase of X%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates was the largest exporter of crude oil and processed petroleum in GCC, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. Kuwait (X tons) took the second position in the ranking, distantly followed by Oman (X tons), Saudi Arabia (X tons) and Qatar (X tons). All these countries together held approx. X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude oil and processed petroleum exports from the United Arab Emirates stood at X%. At the same time, Kuwait (X%) and Oman (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2022. Qatar experienced a relatively flat trend pattern. By contrast, Saudi Arabia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates, Kuwait and Oman increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) emerged as the largest crude oil and processed petroleum supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Kuwait ($X), with a X% share of total exports. It was followed by Oman, with a X% share.

In the United Arab Emirates, crude oil and processed petroleum exports increased at 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: Kuwait (X% per year) and Oman (X% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, surging by X% against the previous year. In general, the export price, however, saw a pronounced reduction. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Qatar ($X per ton) and Oman ($X per ton), while Saudi Arabia ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

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

Imports of Crude Oil and Processed Petroleum

Imports in GCC

In 2022, overseas purchases of crude oil and processed petroleum decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then reduced in the following year.

In value terms, crude oil and processed petroleum imports soared to $X in 2022. Total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

The United Arab Emirates was the main importing country with an import of around X tons, which accounted for X% of total imports. Saudi Arabia (X tons) held the second position in the ranking, distantly followed by Bahrain (X tons) and Oman (X tons). All these countries together held approx. X% share of total imports. The following importers - Kuwait (X tons) and Qatar (X tons) - each reached a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to crude oil and processed petroleum imports into the United Arab Emirates stood at X%. At the same time, Qatar (X%), Saudi Arabia (X%), Kuwait (X%), Oman (X%) and Bahrain (X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. While the share of Saudi Arabia (X p.p.), Qatar (X p.p.) and Kuwait (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Oman (X p.p.), Bahrain (X p.p.) and the United Arab Emirates (X p.p.) displayed negative dynamics.

In value terms, the largest crude oil and processed petroleum importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Bahrain ($X), with a combined X% share of total imports. Oman, Qatar and Kuwait lagged somewhat behind, together comprising a further X%.

Qatar, with a CAGR of X%, saw the highest growth rate of 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 GCC stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the import price, however, recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, import prices hit record highs 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 Saudi Arabia ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :