Middle East: Crude Oil Market 2024

Crude Oil Market Size in the Middle East

In 2022, the Middle Eastern crude oil market was finally on the rise to reach $X after three years of decline. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Crude Oil Production in the Middle East

In value terms, crude oil production contracted to $X in 2022 estimated in export price. Overall, production, however, recorded a deep slump. The pace of growth appeared the most rapid in 2018 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Crude Oil Exports

Exports in the Middle East

In 2022, approx. X tons of crude petroleum oil were exported in the Middle East; reducing by X% compared with the previous year. Overall, exports recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude oil exports declined to $X in 2022. In general, exports saw a abrupt decrease. The growth pace was the most rapid in 2021 when exports increased by X%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

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). All these countries together held near X% share of total exports. Qatar (X tons) held a relatively small share of total exports.

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

In value terms, the United Arab Emirates ($X) emerged as the largest crude oil supplier in the Middle East, comprising X% of total exports. The second position in the ranking was taken by Kuwait ($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 stood at 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, jumping by X% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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 the Middle East

In 2022, after four years of decline, there was significant growth in purchases abroad of crude petroleum oil, when their volume increased by X% to X tons. Overall, imports, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude oil imports surged to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Israel (X tons) represented the largest importer of crude petroleum oil, comprising X% of total imports. It was distantly followed by Bahrain (X tons), the United Arab Emirates (X tons) and Jordan (X tons), together generating a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to crude oil imports into Israel stood at X%. At the same time, the United Arab Emirates (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2022. Bahrain experienced a relatively flat trend pattern. By contrast, Jordan (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.), Bahrain (X p.p.) and Jordan (X p.p.) significantly strengthened its position in terms of the total imports, while Israel saw its share reduced by X% from 2012 to 2022, respectively.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Israel was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Bahrain (X% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price posted a strong increase. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. The level of import peaked 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 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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