United Kingdom: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in the UK

The UK market for crude oil and processed petroleum surged to $X in 2022, rising by X% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Crude Oil and Processed Petroleum in the UK

In value terms, crude oil and processed petroleum production shrank to $X in 2022 estimated in export price. Overall, production showed a deep slump. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Crude Oil and Processed Petroleum

Exports from the UK

In 2022, the amount of crude oil and processed petroleum exported from the UK reached X tons, therefore, remained relatively stable against the year before. Overall, exports, however, saw a noticeable curtailment. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude oil and processed petroleum exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate a noticeable shrinkage. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for crude oil and processed petroleum exports from the UK, with a X% share of total exports. Moreover, crude oil and processed petroleum exports to the Netherlands exceeded the volume sent to the second major destination, Ireland (X tons), fourfold. The third position in this ranking was held by the United States (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (X% per year) and the United States (X% per year).

In value terms, the Netherlands ($X) remains the key foreign market for crude oil and processed petroleum exports from the UK, comprising X% of total exports. The second position in the ranking was held by Ireland ($X), with a X% share of total exports. It was followed by the United States, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (X% per year) and the United States (X% per year).

Export Prices by Country

The average export price for crude oil and processed petroleum stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Ireland ($X per ton) and the United States ($X per ton), while the average price for exports to South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%), while the prices for the other major destinations experienced a decline.

Imports of Crude Oil and Processed Petroleum

Imports into the UK

In 2022, overseas purchases of crude oil and processed petroleum increased by X% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, total imports indicated a moderate increase from 2012 to 2022: its volume 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. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, crude oil and processed petroleum imports surged to $X in 2022. Overall, imports, however, continue to indicate a slight decrease. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Norway (X tons), the United States (X tons) and the Netherlands (X tons) were the main suppliers of crude oil and processed petroleum imports to the UK, with a combined X% share of total imports. Sweden, Belgium, India, China, Libya, Greece, France, Finland, Canada and Nigeria lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Greece (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil and processed petroleum suppliers to the UK were Norway ($X), the United States ($X) and the Netherlands ($X), together comprising X% of total imports. Sweden, Belgium, Libya, Canada, Nigeria, India, Greece, Finland, France and China lagged somewhat behind, together accounting for a further X%.

Greece, 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 more modest paces of growth.

Import Prices by Country

In 2022, the average import price for crude oil and processed petroleum amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price, however, saw a noticeable downturn. The growth pace was the most rapid in 2018 an increase of X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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