MENA: Market for Processed Petroleum Oils and Distillates 2023

Market Size for Processed Petroleum Oils and Distillates in MENA

In 2021, the MENA's market for processed petroleum oils and distillates decreased by -3.2% to $X, falling for the third consecutive year after two years of growth. Over the period under review, consumption recorded a pronounced reduction. The pace of growth appeared the most rapid in 2018 with an increase of 5.6%. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in MENA

In value terms, processed petroleum oils and distillates production plummeted to $X in 2021 estimated in export price. In general, production, however, continues to indicate a deep setback. The pace of growth appeared the most rapid in 2017 when the production volume increased by 17% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports in MENA

In 2021, overseas shipments of processed petroleum oils and distillates were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Total exports indicated a noticeable increase from 2012 to 2021: its volume increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -12.0% against 2018 indices. The growth pace was the most rapid in 2015 when exports increased by 14% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2021. Overall, exports, however, saw a noticeable decrease. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons), distantly followed by Saudi Arabia (X tons), Qatar (X tons), Algeria (X tons), Bahrain (X tons) and Turkey (X tons) represented the key exporters of processed petroleum oils and distillates, together generating 95% of total exports. Egypt (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in Egypt (with a CAGR of +13.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Qatar ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 70% share of total exports. Turkey, Algeria, Egypt and Bahrain lagged somewhat behind, together accounting for a further 28%.

Among the main exporting countries, Egypt, with a CAGR of +10.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, rising by 23% against the previous year. In general, the export price, however, continues to indicate a deep setback. The pace of growth appeared the most rapid in 2018 an increase of 27%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Egypt ($X per ton), while Algeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (-2.5%), while the other leaders experienced a decline in the export price figures.

Imports of Processed Petroleum Oils and Distillates

Imports in MENA

In 2021, purchases abroad of processed petroleum oils and distillates increased by 5.4% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by 8.4%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2021. Overall, imports, however, recorded a deep reduction. The pace of growth was the most pronounced in 2017 with an increase of 26% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons), distantly followed by Morocco (X tons), Turkey (X tons), Saudi Arabia (X tons), Lebanon (X tons), Egypt (X tons), Iraq (X tons), Libya (X tons) and Israel (X tons) represented the main importers of processed petroleum oils and distillates, together comprising 85% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Morocco (with a CAGR of +12.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported processed petroleum oils and distillates in MENA, comprising 21% of total imports. The second position in the ranking was held by Morocco ($X), with an 11% share of total imports. It was followed by Iraq, with a 9.3% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates totaled -5.2%. The remaining importing countries recorded the following average annual rates of imports growth: Morocco (+1.7% per year) and Iraq (+1.8% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, with an increase of 18% against the previous year. In general, the import price, however, continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2018 an increase of 26% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Iraq ($X per ton), while Morocco ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iraq (-6.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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