Kuwait: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Kuwait

The Kuwaiti market for processed petroleum oils and distillates contracted to $X in 2022, falling by X% against the previous year. Over the period under review, consumption recorded a noticeable setback. Processed petroleum oils and distillates 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 Kuwait

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. Overall, production saw a pronounced setback. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Kuwait

Processed petroleum oils and distillates exports from Kuwait contracted rapidly to X tons in 2022, waning by X% on 2021 figures. In general, exports showed a deep reduction. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports shrank markedly to $X in 2022. Overall, exports continue to indicate a deep contraction. The pace of growth was the most pronounced in 2021 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons), Pakistan (X tons) and the UK (X tons) were the main destinations of processed petroleum oils and distillates exports from Kuwait, with a combined X% share of total exports. South Korea, France, Japan, the United States, Thailand, Egypt, South Africa, Ethiopia, Taiwan (Chinese) and Singapore 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 South Africa (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Pakistan ($X) and France ($X) appeared to be the largest markets for processed petroleum oils and distillates exported from Kuwait worldwide, together accounting for X% of total exports. The United Arab Emirates, South Korea, Japan, Egypt, the United States, South Africa, Thailand, Taiwan (Chinese), Singapore and Ethiopia lagged somewhat behind, together comprising a further X%.

South Africa, with a CAGR of X%, saw 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

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, stabilizing at the previous year. In general, the export price continues to indicate a mild downturn. The growth pace was the most rapid in 2017 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Ethiopia ($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 France (X%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Kuwait

Processed petroleum oils and distillates imports into Kuwait dropped dramatically to X tons in 2022, which is down by X% on the year before. In general, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports reached the peak of X tons, and then shrank markedly in the following year.

In value terms, processed petroleum oils and distillates imports dropped significantly to $X in 2022. Overall, imports, however, enjoyed strong growth. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then declined notably in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest processed petroleum oils and distillates supplier to Kuwait, accounting for a X% share of total imports. Moreover, processed petroleum oils and distillates imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. The third position in this ranking was held by Belgium (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Belgium (X% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of processed petroleum oils and distillates to Kuwait, comprising X% of total imports. The second position in the ranking was taken by India ($X), with an X% share of total imports. It was followed by Belgium, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Belgium (X% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the import price, however, continues to indicate a drastic downturn. The pace of growth appeared the most rapid in 2016 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a somewhat 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 France ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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