Italy: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in Italy

In 2022, the Italian market for crude oil and processed petroleum increased by X% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, continues to indicate a slight shrinkage. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Crude Oil and Processed Petroleum in Italy

In value terms, crude oil and processed petroleum production dropped to $X in 2022 estimated in export price. Over the period under review, production recorded a deep contraction. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Crude Oil and Processed Petroleum

Exports from Italy

In 2022, overseas shipments of crude oil and processed petroleum increased by X% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when exports increased by X% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, crude oil and processed petroleum exports surged to $X in 2022. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Spain (X tons) and Gibraltar (X tons) were the main destinations of crude oil and processed petroleum exports from Italy, together accounting for X% of total exports. France, Slovenia, Croatia, Libya, Switzerland, Turkey, the Netherlands, Morocco, Tunisia and Egypt 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 Morocco (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), France ($X) and Spain ($X) constituted the largest markets for crude oil and processed petroleum exported from Italy worldwide, with a combined X% share of total exports. Gibraltar, Slovenia, Croatia, Turkey, Libya, the Netherlands, Tunisia, Switzerland, Morocco and Egypt lagged somewhat behind, together comprising a further X%.

Morocco, with a CAGR of X%, recorded the highest rates of growth with regard to 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, increasing by X% against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Switzerland ($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 Turkey (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Oil and Processed Petroleum

Imports into Italy

In 2022, imports of crude oil and processed petroleum into Italy skyrocketed to X tons, jumping by X% compared with the year before. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, crude oil and processed petroleum imports surged to $X in 2022. Overall, imports, however, showed a mild decline. The pace of growth was the most pronounced in 2021 when imports increased by X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Russia (X tons), Azerbaijan (X tons) and Libya (X tons) were the main suppliers of crude oil and processed petroleum imports to Italy, with a combined X% share of total imports. Iraq, Greece, Spain, the United States, Kazakhstan, Saudi Arabia, Turkey, Slovenia, India and Nigeria lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Slovenia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Azerbaijan ($X), Russia ($X) and Libya ($X) constituted the largest crude oil and processed petroleum suppliers to Italy, with a combined X% share of total imports. Iraq, the United States, Saudi Arabia, Kazakhstan, Greece, Spain, Nigeria, Slovenia, Turkey and India lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, the United States, with a CAGR of X%, saw the highest growth rate of 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, growing by X% against the previous year. In general, the import price, however, continues to indicate a noticeable slump. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The import price 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 supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Turkey ($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 prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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