Report Update May 1, 2024

GCC - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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GCC: Crude Oil Market 2024

Crude Oil Market Size in GCC

In 2022, the GCC crude oil market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. In general, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Crude Oil Production in GCC

In value terms, crude oil production fell to $X in 2022 estimated in export price. Over the period under review, production, however, showed a deep reduction. 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 hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Crude Oil Exports

Exports in GCC

In 2022, the amount of crude petroleum oil exported in GCC contracted sharply to X tons, declining by X% against 2021 figures. Over the period under review, exports showed a noticeable shrinkage. The pace of growth was the most pronounced in 2021 when exports increased by X%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, crude oil exports fell to $X in 2022. In general, exports saw a abrupt decrease. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates represented the key exporting country with an export of around X tons, which recorded X% of total exports. Kuwait (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Oman (X%) and Qatar (X%).

The United Arab Emirates was also the fastest-growing in terms of the crude petroleum oil exports, with a CAGR of X% from 2012 to 2022. At the same time, Oman (X%) displayed positive paces of growth. Kuwait experienced a relatively flat trend pattern. By contrast, Qatar (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.), Kuwait (X p.p.) and Oman (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

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

In the United Arab Emirates, crude oil exports expanded 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

The export price in GCC stood at $X per ton in 2022, growing by X% against the previous year. Overall, the export price, however, continues to indicate a slight decrease. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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

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

Crude Oil Imports

Imports in GCC

In 2022, purchases abroad of crude petroleum oil was finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, imports showed a prominent increase. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, crude oil imports soared to $X in 2022. Overall, imports saw a tangible increase. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Bahrain (X tons) and the United Arab Emirates (X tons) was the main importer of crude petroleum oil in GCC, mixing up X% of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the United Arab Emirates (with a CAGR of X%).

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported crude petroleum oil in GCC, comprising X% of total imports. The second position in the ranking was taken by Bahrain ($X), with a X% share of total imports.

In the United Arab Emirates, crude oil imports expanded at an average annual rate of X% over the period from 2012-2022.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the import price, however, continues to indicate a perceptible downturn. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, import prices attained the maximum at $X per ton in 2013; however, from 2014 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 the United Arab Emirates ($X per ton), while Bahrain stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude petroleum oil in GCC?

The country with the largest volume of crude oil consumption was Saudi Arabia, accounting for 82% of total volume. Moreover, crude oil consumption in Saudi Arabia exceeded the figures recorded by the second-largest consumer, Qatar, tenfold. Kuwait ranked third in terms of total consumption with a 4.9% share.

What are the largest producers of crude petroleum oil in GCC?

Saudi Arabia remains the largest crude oil producing country in GCC, comprising approx. 51% of total volume. Moreover, crude oil production in Saudi Arabia exceeded the figures recorded by the second-largest producer, the United Arab Emirates, twofold. Kuwait ranked third in terms of total production with a 13% share.

What are the leading suppliers of crude petroleum oil in GCC?

In value terms, the United Arab Emirates remains the largest crude oil supplier in GCC, comprising 57% of total exports. The second position in the ranking was held by Kuwait, with a 25% share of total exports. It was followed by Oman, with an 11% share.

What are the leading importers of crude petroleum oil in GCC?

In value terms, the United Arab Emirates constitutes the largest market for imported crude petroleum oil in GCC, comprising 66% of total imports. The second position in the ranking was held by Bahrain, with a 32% share of total imports.

What is the average export price for crude petroleum oil in GCC?

In 2022, the export price in GCC amounted to $681 per ton, growing by 38% against the previous year.

What is the average import price for crude petroleum oil in GCC?

The import price in GCC stood at $561 per ton in 2022, surging by 15% against the previous year.

This report provides an in-depth analysis of the crude oil market in GCC. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Production in GCC, split by region and country
Trade (exports and imports) in GCC
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. CONSUMPTION BY COUNTRY
3. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
2. PRODUCTION BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- Bahrain
- Kuwait
- Oman
- Qatar
- Saudi Arabia
- United Arab Emirates
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption, By Country, 2018–2023
5. Production, In Physical Terms, By Country, 2012–2023
6. Imports, In Physical Terms, By Country, 2012–2023
7. Imports, In Value Terms, By Country, 2012–2023
8. Import Prices, By Country Of Destination, 2012–2023
9. Exports, In Physical Terms, By Country, 2012–2023
10. Exports, In Value Terms, By Country, 2012–2023
11. Export Prices, By Country Of Origin, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Consumption, By Country, 2023
4. Market Volume Forecast to 2030
5. Market Value Forecast to 2030
6. Products: Market Size And Growth, By Type
7. Products: Average Per Capita Consumption, By Type
8. Products: Exports And Growth, By Type
9. Products: Export Prices And Growth, By Type
10. Production Volume And Growth
11. Exports And Growth
12. Export Prices And Growth
13. Market Size And Growth
14. Per Capita Consumption
15. Imports And Growth
16. Import Prices
17. Production, In Physical Terms, 2012–2023
18. Production, In Value Terms, 2012–2023
19. Production, By Country, 2023
20. Production, In Physical Terms, By Country, 2012–2023
21. Imports, In Physical Terms, 2012–2023
22. Imports, In Value Terms, 2012–2023
23. Imports, In Physical Terms, By Country, 2023
24. Imports, In Physical Terms, By Country, 2012–2023
25. Imports, In Value Terms, By Country, 2012–2023
26. Import Prices, By Country, 2012–2023
27. Exports, In Physical Terms, 2012–2023
28. Exports, In Value Terms, 2012–2023
29. Exports, In Physical Terms, By Country, 2023
30. Exports, In Physical Terms, By Country, 2012–2023
31. Exports, In Value Terms, By Country, 2012–2023
32. Export Prices, 2012–2023