MENA: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in MENA

In 2022, the MENA's market for crude oil and processed petroleum was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. In general, consumption, however, recorded a slight setback. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Crude Oil and Processed Petroleum in MENA

In value terms, crude oil and processed petroleum production declined to $X in 2022 estimated in export price. In general, production continues to indicate a deep slump. The pace of growth appeared the most rapid in 2018 with an increase of X%. The level of production peaked at $X.1B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Crude Oil and Processed Petroleum

Exports in MENA

In 2022, the amount of crude oil and processed petroleum exported in MENA reduced sharply to X tons, which is down by X% compared with the previous year. In general, exports saw a mild downturn. 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 shrank rapidly in the following year.

In value terms, crude oil and processed petroleum exports contracted rapidly to $X in 2022. Over the period under review, exports saw a deep setback. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates was the largest exporting country with an export of about X tons, which accounted for X% of total exports. It was distantly followed by Iraq (X tons), Kuwait (X tons), Oman (X tons), Saudi Arabia (X tons) and Qatar (X tons), together achieving a X% share of total exports. Libya (X tons) held a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Kuwait (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) emerged as the largest crude oil and processed petroleum supplier in MENA, comprising X% of total exports. The second position in the ranking was taken by Kuwait ($X), with a X% share of total exports. It was followed by Iraq, with a X% share.

In the United Arab Emirates, crude oil and processed petroleum exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Kuwait (X% per year) and Iraq (X% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price, however, recorded a noticeable downturn. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a 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 ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (X%), while the other leaders experienced a decline in the export price figures.

Imports of Crude Oil and Processed Petroleum

Imports in MENA

In 2022, supplies from abroad 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. Total imports indicated a modest expansion from 2012 to 2022: its volume 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 2015 with an increase of X% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, crude oil and processed petroleum imports soared to $X in 2022. Total imports indicated a temperate increase 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 growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

Turkey (X tons), the United Arab Emirates (X tons), Egypt (X tons), Israel (X tons) and Morocco (X tons) represented roughly X% of total imports in 2022. It was distantly followed by Saudi Arabia (X tons), making up a X% share of total imports. The following importers - Iraq (X tons), Bahrain (X tons), Lebanon (X tons), Oman (X tons), Libya (X tons), Jordan (X tons) and Tunisia (X tons) - together made up X% of total imports.

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

In value terms, the largest crude oil and processed petroleum importing markets in MENA were Egypt ($X), Israel ($X) and Turkey ($X), together comprising X% of total imports. The United Arab Emirates, Saudi Arabia, Morocco, Iraq, Jordan, Lebanon, Bahrain, Tunisia, Libya and Oman lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Saudi Arabia, with a CAGR of X%, recorded 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

In 2022, the import price in MENA amounted to $X per ton, jumping by X% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of X%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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