Western Africa: Crude Oil Market 2024

Crude Oil Market Size in Western Africa

After two years of growth, the West African crude oil market decreased by X% to $X in 2022. Over the period under review, consumption continues to indicate a pronounced shrinkage. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Oil Production in Western Africa

In value terms, crude oil production contracted to $X in 2022 estimated in export price. Overall, production recorded a deep slump. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports in Western Africa

In 2022, shipments abroad of crude petroleum oil decreased by less than X% to X tons, falling for the fourth year in a row after two years of growth. Overall, exports recorded a deep setback. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. As a result, the exports attained 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 exports soared to $X in 2022. In general, exports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. 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) represented the main exporter of crude petroleum oil, making up X% of total exports. It was distantly followed by Ghana (X tons), constituting a X% share of total exports. Cote d'Ivoire (X tons) took a relatively small share of total exports.

Exports from Nigeria decreased at an average annual rate of X% from 2012 to 2022. 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. While the share of Ghana (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, rising by X% against the previous year. Overall, the export price continues to indicate a mild expansion. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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.

Crude Oil Imports

Imports in Western Africa

In 2022, crude oil imports in Western Africa stood at X tons, remaining relatively unchanged against the year before. In general, imports, however, saw a mild slump. The most prominent rate of growth was recorded in 2018 with an increase of X%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, crude oil imports soared to $X in 2022. Over the period under review, imports, however, continue to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Cote d'Ivoire (X tons) was the major importer of crude petroleum oil, committing X% of total imports. It was distantly followed by Senegal (X tons), committing a X% share of total imports. Liberia (X tons) and Ghana (X tons) held a relatively small share of total imports.

Cote d'Ivoire experienced a relatively flat trend pattern with regard to volume of imports of crude petroleum oil. At the same time, Liberia (X%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Senegal (X%) and Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire and Liberia increased by X and X percentage points, respectively.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported crude petroleum oil in Western Africa, comprising X% of total imports. The second position in the ranking was held by Senegal ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

In Cote d'Ivoire, crude oil imports plunged by an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Ghana (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, growing by X% against the previous year. Overall, the import price, however, recorded a mild shrinkage. 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 Ghana ($X per ton), while Liberia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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