Italy: Crude Oil Market 2024

Crude Oil Market Size in Italy

In 2022, the Italian crude oil market increased by X% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, recorded a slight downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Crude Oil Production in Italy

In value terms, crude oil production totaled $X in 2022 estimated in export price. In general, production, however, saw a deep reduction. The pace of growth was the most pronounced in 2018 with an increase of X%. Crude oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Crude Oil Exports

Exports from Italy

In 2022, shipments abroad of crude petroleum oil decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. The exports peaked at X tons in 2021, and then contracted sharply in the following year.

In value terms, crude oil exports reached $X in 2022. Over the period under review, exports continue to indicate a pronounced slump. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Spain (X tons) was the main destination for crude oil exports from Italy, accounting for a X% share of total exports. Moreover, crude oil exports to Spain exceeded the volume sent to the second major destination, Germany (X tons), sevenfold. France (X tons) ranked third in terms of total exports with an X% share.

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

In value terms, Spain ($X) remains the key foreign market for crude petroleum oil exports from Italy, comprising X% of total exports. The second position in the ranking was held by Germany ($X), with a X% share of total exports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Spain totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and France (X% per year).

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, increasing by X% against the previous year. In general, the export price, however, recorded a pronounced shrinkage. The growth pace was the most rapid in 2021 an increase of X%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Gibraltar (X%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Italy

In 2022, overseas purchases of crude petroleum oil increased by X% to X tons, rising for the second consecutive year after three years of decline. In general, imports, however, showed a slight reduction. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil imports skyrocketed to $X in 2022. Over the period under review, imports, however, showed a noticeable descent. The most prominent rate of growth was recorded in 2021 with an increase of 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 imports to Italy, together accounting for X% of total imports. Iraq, the United States, Saudi Arabia, Kazakhstan, Nigeria and Egypt lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of X%), while purchases 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 suppliers to Italy, with a combined X% share of total imports. Iraq, the United States, Saudi Arabia, Kazakhstan, Nigeria and Egypt lagged somewhat behind, together comprising a further X%.

The United States, with a CAGR of X%, saw the highest rates of growth with regard to 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

In 2022, the average crude oil import price amounted to $X per ton, surging by X% against the previous year. In general, the import price, however, continues to indicate a mild slump. The growth pace was the most rapid 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 stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Egypt ($X per ton) and Azerbaijan ($X per ton), while the price for Russia ($X per ton) and Iraq ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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