Western Africa: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in Western Africa

The West African market for crude oil and processed petroleum reduced remarkably to $X in 2022, with a decrease of X% against the previous year. In general, consumption continues to indicate a perceptible decline. Over the period under review, the market attained 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 Western Africa

In value terms, crude oil and processed petroleum production fell to $X in 2022 estimated in export price. In general, production showed a abrupt setback. The growth pace was the most rapid in 2021 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Crude Oil and Processed Petroleum

Exports in Western Africa

In 2022, shipments abroad of crude oil and processed petroleum decreased by X% to X tons, falling for the fourth consecutive year after two years of growth. In general, exports recorded a deep slump. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude oil and processed petroleum exports soared to $X in 2022. Overall, exports showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 when exports increased by X%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Nigeria (X tons) was the major exporter of crude oil and processed petroleum, achieving X% of total exports. It was distantly followed by Ghana (X tons), creating a X% share of total exports. Cote d'Ivoire (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude oil and processed petroleum exports from Nigeria stood at X%. At the same time, Ghana (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Cote d'Ivoire (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest crude oil and processed petroleum supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the export price saw a mild increase. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the export price figures.

Imports of Crude Oil and Processed Petroleum

Imports in Western Africa

In 2022, after four years of growth, there was significant decline in supplies from abroad of crude oil and processed petroleum, when their volume decreased by X% to X tons. Overall, imports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of X tons, and then dropped significantly in the following year.

In value terms, crude oil and processed petroleum imports fell to $X in 2022. Over the period under review, imports, however, showed a moderate increase. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

Nigeria represented the largest importing country with an import of about X tons, which finished at X% of total imports. Togo (X tons) took the second position in the ranking, distantly followed by Cote d'Ivoire (X tons), Senegal (X tons) and Liberia (X tons). All these countries together held approx. X% share of total imports. The following importers - Burkina Faso (X tons) and Mali (X tons) - each finished at a X% share of total imports.

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

In value terms, Nigeria ($X), Togo ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Burkina Faso, Senegal, Liberia and Mali lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Burkina Faso, with a CAGR of X%, recorded 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 Western Africa stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, the import price, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2017 when the import price increased by X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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