Middle East: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in the Middle East

In 2022, the Middle Eastern 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. Overall, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Crude Oil and Processed Petroleum in the Middle East

In value terms, crude oil and processed petroleum production fell to $X in 2022 estimated in export price. Overall, production, however, recorded a abrupt decrease. The growth pace was the most rapid in 2018 with an increase of X%. The level of production peaked at $X.9B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Crude Oil and Processed Petroleum

Exports in the Middle East

In 2022, approx. X tons of crude oil and processed petroleum were exported in the Middle East; which is down by X% on the year before. In general, exports recorded a slight descent. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of X tons, and then reduced markedly in the following year.

In value terms, crude oil and processed petroleum exports shrank to $X in 2022. Overall, exports showed a noticeable downturn. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the key exporter of crude oil and processed petroleum, committing 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 committing a X% share of total exports. Turkey (X tons) took a little 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 ($X) emerged as the largest crude oil and processed petroleum supplier in the Middle East, comprising X% of total exports. The second position in the ranking was taken by Kuwait ($X), with a X% share of total exports. It was followed by Iraq, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled X%. 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

In 2022, the export price in the Middle East amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Iraq ($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 mixed trends in the export price figures.

Imports of Crude Oil and Processed Petroleum

Imports in the Middle East

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. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, crude oil and processed petroleum imports surged to $X in 2022. Total imports indicated a perceptible 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 most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

Turkey (X tons), the United Arab Emirates (X tons) and Israel (X tons) represented roughly X% of total imports in 2022. Saudi Arabia (X tons) took the next position in the ranking, followed by Iraq (X tons), Bahrain (X tons) and Lebanon (X tons). All these countries together took near X% share of total imports.

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

In value terms, Israel ($X), Turkey ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of imports in 2022, together comprising X% of total imports. Saudi Arabia, Iraq, Lebanon and Bahrain lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Saudi Arabia, with a CAGR of X%, saw the highest rates of growth with regard to 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

The import price in the Middle East stood at $X per ton in 2022, rising by X% against the previous year. In general, the import price showed noticeable growth. The growth pace was the most rapid in 2018 when the import price increased by X%. Over the period under review, import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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