Israel: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in Israel

The Israeli market for crude oil and processed petroleum amounted to $X in 2022, growing by X% against the previous year. Overall, consumption, however, saw a deep slump. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Crude Oil and Processed Petroleum in Israel

In value terms, crude oil and processed petroleum production reduced slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a prominent increase. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Crude oil and processed petroleum production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Crude Oil and Processed Petroleum

Exports from Israel

In 2022, overseas shipments 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. Over the period under review, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons, and then dropped rapidly in the following year.

In value terms, crude oil and processed petroleum exports reduced markedly to $X in 2022. Overall, exports recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Palestine (X tons), Cyprus (X tons) and Turkey (X tons) were the main destinations of crude oil and processed petroleum exports from Israel, with a combined X% share of total exports. Slovenia, Italy, Portugal, Malta, South Korea, the Netherlands, the United States, Greece, Bulgaria and Ghana lagged somewhat behind, together accounting for 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 South Korea (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Palestine ($X) emerged as the key foreign market for crude oil and processed petroleum exports from Israel, comprising X% of total exports. The second position in the ranking was held by Cyprus ($X), with a X% share of total exports. It was followed by Turkey, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Palestine stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (X% per year) and Turkey (X% per year).

Export Prices by Country

In 2022, the average export price for crude oil and processed petroleum amounted to $X per ton, growing by X% against the previous year. In general, the export price continues to indicate a buoyant increase. 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 the United States ($X per ton), while the average price for exports to Portugal ($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 the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Oil and Processed Petroleum

Imports into Israel

In 2022, approx. X tons of crude oil and processed petroleum were imported into Israel; with an increase of X% against 2021. Overall, imports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2015 when imports increased by X%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude oil and processed petroleum imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a moderate increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Russia (X tons), Singapore (X tons) and Switzerland (X tons) were the main suppliers of crude oil and processed petroleum imports to Israel, together comprising X% of total imports.

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

In value terms, the largest crude oil and processed petroleum suppliers to Israel were Russia ($X), Singapore ($X) and Switzerland ($X), together accounting for X% of total imports. Belgium, Malta, Turkey, the United States and Jamaica lagged somewhat behind, together accounting for a further X%.

Jamaica, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers 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, jumping by X% against the previous year. Over the period under review, the import price enjoyed a buoyant increase. The growth pace was the most rapid in 2018 when the average import price increased by X%. The import price peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Jamaica ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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