Saudi Arabia: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Saudi Arabia

In 2022, the Saudi market for processed petroleum oils and distillates increased by X% to $X for the first time since 2018, thus ending a three-year declining trend. In general, consumption, however, saw a noticeable shrinkage. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in Saudi Arabia

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. Over the period under review, production saw a perceptible reduction. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. Processed petroleum oils and distillates production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

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Exports of Processed Petroleum Oils and Distillates

Exports from Saudi Arabia

In 2022, exports of processed petroleum oils and distillates from Saudi Arabia shrank sharply to X tons, which is down by X% against 2021. Over the period under review, exports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons, and then shrank significantly in the following year.

In value terms, processed petroleum oils and distillates exports contracted sharply to $X in 2022. Overall, exports, however, showed modest growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports reached the peak of $X, and then declined significantly in the following year.

Exports by Country

The United States (X tons), France (X tons) and Italy (X tons) were the main destinations of processed petroleum oils and distillates exports from Saudi Arabia, together comprising X% of total exports. The United Arab Emirates, Morocco, Oman, Singapore, South Korea, the UK, South Africa, Mozambique, India and Egypt lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Oman (with a CAGR of X.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for processed petroleum oils and distillates exported from Saudi Arabia were the United States ($X), France ($X) and Italy ($X), together comprising X% of total exports. Morocco, the United Arab Emirates, Oman, the UK, Egypt, South Africa, South Korea, Singapore, India and Mozambique lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Oman, with a CAGR of X.3%, saw the highest growth rate of the value of exports, 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 export price for processed petroleum oils and distillates amounted to $X per ton, shrinking by X% against the previous year. Over the period under review, the export price showed a abrupt slump. The pace of growth was the most pronounced in 2021 an increase of X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Morocco ($X per ton), while the average price for exports to Mozambique ($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 Morocco (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Saudi Arabia

After three years of growth, overseas purchases of processed petroleum oils and distillates decreased by X% to X tons in 2022. In general, imports, however, showed temperate growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, processed petroleum oils and distillates imports declined remarkably to $X in 2022. Overall, total imports indicated a moderate 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 when imports increased by X% against the previous year. As a result, imports attained the peak of $X, and then contracted sharply in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest processed petroleum oils and distillates supplier to Saudi Arabia, accounting for a X% share of total imports. Moreover, processed petroleum oils and distillates imports from India exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. The third position in this ranking was held by Greece (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Greece (X% per year).

In value terms, India ($X) constituted the largest supplier of processed petroleum oils and distillates to Saudi Arabia, comprising X% of total imports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total imports. It was followed by the United Arab Emirates, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Egypt ($X per ton), while the price for Singapore ($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 prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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