GCC: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in GCC

The GCC market for processed petroleum oils and distillates dropped to $X in 2022, waning by X% against the previous year. In general, consumption showed a pronounced setback. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in GCC

In value terms, processed petroleum oils and distillates production dropped to $X in 2022 estimated in export price. Overall, production saw a slight decline. The most prominent rate of growth was recorded in 2017 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports in GCC

In 2022, the amount of processed petroleum oils and distillates exported in GCC reduced markedly to X tons, shrinking by X% compared with 2021. Overall, exports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons, and then dropped remarkably in the following year.

In value terms, processed petroleum oils and distillates exports declined sharply to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, and then contracted notably in the following year.

Exports by Country

The United Arab Emirates was the main exporting country with an export of around X tons, which reached X% of total exports. Saudi Arabia (X tons) held the second position in the ranking, distantly followed by Qatar (X tons). All these countries together held near X% share of total exports.

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

In value terms, the largest processed petroleum oils and distillates supplying countries in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Qatar ($X), together comprising X% of total exports.

The United Arab Emirates, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 GCC amounted to $X per ton, approximately reflecting the previous year. Overall, the export price recorded a abrupt curtailment. 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 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 Qatar ($X per ton), while the United Arab Emirates ($X per ton) was 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.

Imports of Processed Petroleum Oils and Distillates

Imports in GCC

In 2022, after two years of growth, there was significant decline in supplies from abroad of processed petroleum oils and distillates, when their volume decreased by X% to X tons. In general, imports, however, continue to indicate buoyant growth. The growth pace was 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 contracted remarkably in the following year.

In value terms, processed petroleum oils and distillates imports shrank remarkably to $X in 2022. Total imports indicated mild growth 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%. As a result, imports reached the peak of $X, and then shrank dramatically in the following year.

Imports by Country

The United Arab Emirates represented the largest importing country with an import of around X tons, which reached X% of total imports. It was distantly followed by Saudi Arabia (X tons), Oman (X tons) and Bahrain (X tons), together creating a X% share of total imports. The following importers - Kuwait (X tons) and Qatar (X tons) - each finished at a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to processed petroleum oils and distillates imports into the United Arab Emirates stood at X%. At the same time, Bahrain (X%), Kuwait (X%), Qatar (X%), Oman (X%) and Saudi Arabia (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Bahrain, Kuwait and Qatar 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, Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X) were the countries with the highest levels of imports in 2022, together comprising X% of total imports. Qatar, Bahrain 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, reducing by X% against the previous year. Overall, the import price showed a deep downturn. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 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

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