Russian Federation: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in the Russian Federation

The Russian petroleum bitumen market fell to $X in 2022, reducing by X% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Petroleum Bitumen Production in the Russian Federation

In value terms, petroleum bitumen production fell to $X in 2022 estimated in export price. In general, production, however, saw a slight curtailment. The pace of growth was the most pronounced in 2014 with an increase of X%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Petroleum Bitumen Exports

Exports from the Russian Federation

In 2022, after two years of growth, there was decline in shipments abroad of petroleum bitumen, when their volume decreased by X% to X tons. Over the period under review, exports, however, enjoyed modest growth. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then shrank slightly in the following year.

In value terms, petroleum bitumen exports rose markedly to $X in 2022. Overall, exports, however, showed a noticeable increase. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in years to come.

Exports by Country

Uzbekistan (X tons), Finland (X tons) and the UK (X tons) were the main destinations of petroleum bitumen exports from Russia, with a combined X% share of total exports.

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

In value terms, Uzbekistan ($X), Finland ($X) and the UK ($X) were the largest markets for petroleum bitumen exported from Russia worldwide, with a combined X% share of total exports.

Uzbekistan, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average petroleum bitumen export price amounted to $X per ton, surging by X% against the previous year. In general, the export price enjoyed pronounced growth. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Finland ($X per ton), while the average price for exports to Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Norway (X%), while the prices for the other major destinations experienced more modest paces of growth.

Petroleum Bitumen Imports

Imports into the Russian Federation

For the third year in a row, Russia recorded decline in overseas purchases of petroleum bitumen, which decreased by X% to X tons in 2022. Over the period under review, imports faced a significant curtailment. The pace of growth was the most pronounced in 2019 when imports increased by X%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, petroleum bitumen imports dropped significantly to $X in 2022. In general, imports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Finland (X tons) constituted the largest petroleum bitumen supplier to Russia, accounting for a X% share of total imports. Moreover, petroleum bitumen imports from Finland exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. Kazakhstan (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Finland amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Kazakhstan (X% per year).

In value terms, Germany ($X), Finland ($X) and China ($X) constituted the largest petroleum bitumen suppliers to Russia, with a combined X% share of total imports.

Finland, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average petroleum bitumen import price amounted to $X per ton, increasing by X% against the previous year. In general, the import price showed a resilient increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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