MENA: Crude Oil Market 2024

Crude Oil Market Size in MENA

In 2022, the MENA's crude oil market increased by X% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, saw a slight downturn. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Crude Oil Production in MENA

In value terms, crude oil production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. Over the period under review, production attained the peak level at $X.6B in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports in MENA

In 2022, exports of crude petroleum oil in MENA dropped remarkably to X tons, with a decrease of X% on 2021. In general, exports continue to indicate a noticeable slump. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude oil exports reduced to $X in 2022. Over the period under review, exports recorded a deep setback. The pace of growth appeared the most rapid in 2021 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) and Iraq (X tons) represented roughly X% of total exports in 2022. Kuwait (X tons) took the next position in the ranking, distantly followed by Oman (X tons) and Libya (X tons). All these countries together took approx. X% share of total exports. Qatar (X tons) and Algeria (X tons) followed a long way behind the leaders.

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

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

In the United Arab Emirates, crude oil exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Kuwait (X% per year) and Iraq (X% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, surging by X% against the previous year. Overall, the export price, however, continues to indicate a perceptible downturn. The pace of growth was the most pronounced in 2021 an increase of X%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 Qatar (X%), while the other leaders experienced a decline in the export price figures.

Crude Oil Imports

Imports in MENA

In 2022, the amount of crude petroleum oil imported in MENA soared to X tons, increasing by X% against the year before. Over the period under review, imports, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, crude oil imports skyrocketed to $X in 2022. Overall, imports, however, recorded a slight decline. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Israel (X tons) was the main importer of crude petroleum oil, generating X% of total imports. It was distantly followed by Egypt (X tons), Bahrain (X tons), the United Arab Emirates (X tons) and Jordan (X tons), together mixing up a X% share of total imports. Tunisia (X tons) held a minor share of total imports.

Imports into Israel decreased at an average annual rate of X% from 2012 to 2022. At the same time, the United Arab Emirates (X%) and Egypt (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in MENA, with a CAGR of X% from 2012-2022. Bahrain and Tunisia experienced a relatively flat trend pattern. By contrast, Jordan (X%) illustrated a downward trend over the same period. While the share of Egypt (X p.p.), the United Arab Emirates (X p.p.), Bahrain (X p.p.), Jordan (X p.p.) and Tunisia (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Israel (X p.p.) displayed negative dynamics.

In value terms, Israel ($X) constitutes the largest market for imported crude petroleum oil in MENA, comprising X% of total imports. The second position in the ranking was held by Egypt ($X), with a X% share of total imports. It was followed by the United Arab Emirates, with a X% share.

In Israel, crude oil imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Egypt (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, surging by X% against the previous year. Overall, the import price posted resilient growth. The most prominent rate of growth was recorded in 2018 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Bahrain ($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 mixed trends in the import price figures.

Source: IndexBox Platform

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