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Middle East - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights
Report Update: May 1, 2025

Middle East - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights

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Jan 23, 2025

Asian Oil Refiners Face Pressure Amid Rising Crude Costs

Asian oil refiners are grappling with the surging costs of crude oil, as physical cargo prices escalate due to increased demand from China and India, primarily to substitute Russian supplies. According to Bloomberg, these rising prices are leading many refiners across Asia to contemplate reductions in processing rates.

Middle Eastern crudes, such as Oman and Abu Dhabi's Murban, have seen significant price hikes. The scenario is further complicated by the U.S. sanctions on Russia enacted on January 10, which have disrupted global energy markets. This has resulted in smaller margins for processors reliant on these feedstocks, with some experiencing negative margins.

Refiners in countries like South Korea, Singapore, and Taiwan are particularly susceptible due to their dependency on Middle Eastern oil, which is often priced against benchmarks like Oman. Soaring freight costs have compounded the challenge, causing several merchant refiners to halt additional spot cargo purchases and contemplate operational cuts or temporary closures.

Crude export values from the Middle East, according to IndexBox data, highlight the significant stakeholders in this market. In 2024, Saudi Arabia leads with a staggering export value of $219.7 billion, followed by the United Arab Emirates at $116.7 billion, Iraq at $106.3 billion, Kuwait at $42 billion, and Oman at $24.3 billion. Conversely, import values remain relatively low, with Israel importing $7.5 billion worth of crude oil in 2024.

Export figures for crude oil in 2023 show China as a dominant player with $33.5 billion, followed closely by Japan at $31.8 billion and India at $26.9 billion. The economic ripples of these shifts in the crude oil market are being felt across the global energy sector, underscoring the interconnectedness of global supply chains and the significant role of geopolitical factors in shaping them.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the crude oil market in the Middle East. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

    Country coverage:

    Data coverage:

    • Market volume and value
    • Per Capita consumption
    • Forecast of the market dynamics in the medium term
    • Production in the Middle East, split by region and country
    • Trade (exports and imports) in the Middle East
    • Export and import prices
    • Market trends, drivers and restraints
    • Key market players and their profiles

    Reasons to buy this report:

    • Take advantage of the latest data
    • Find deeper insights into current market developments
    • Discover vital success factors affecting the market

    This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

    In this report, you can find information that helps you to make informed decisions on the following issues:

    1. How to diversify your business and benefit from new market opportunities
    2. How to load your idle production capacity
    3. How to boost your sales on overseas markets
    4. How to increase your profit margins
    5. How to make your supply chain more sustainable
    6. How to reduce your production and supply chain costs
    7. How to outsource production to other countries
    8. How to prepare your business for global expansion

    While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

    1. 1. INTRODUCTION

      Making Data-Driven Decisions to Grow Your Business

      1. REPORT DESCRIPTION
      2. RESEARCH METHODOLOGY AND THE AI PLATFORM
      3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
      4. GLOSSARY AND SPECIFIC TERMS

    2. 2. EXECUTIVE SUMMARY

      A Quick Overview of Market Performance

      1. KEY FINDINGS
      2. MARKET TRENDS This Chapter is Available Only for the Professional EditionPRO

    3. 3. MARKET OVERVIEW

      Understanding the Current State of The Market and its Prospects

      1. MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
      2. CONSUMPTION BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
      3. MARKET FORECAST TO 2035

    4. 4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION

      Finding New Products to Diversify Your Business

      1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
      2. BEST-SELLING PRODUCTS
      3. MOST CONSUMED PRODUCTS
      4. MOST TRADED PRODUCTS
      5. MOST PROFITABLE PRODUCTS FOR EXPORT

    5. 5. MOST PROMISING SUPPLYING COUNTRIES

      Choosing the Best Countries to Establish Your Sustainable Supply Chain

      1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
      2. TOP PRODUCING COUNTRIES
      3. TOP EXPORTING COUNTRIES
      4. LOW-COST EXPORTING COUNTRIES

    6. 6. MOST PROMISING OVERSEAS MARKETS

      Choosing the Best Countries to Boost Your Export

      1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
      2. TOP CONSUMING MARKETS
      3. UNSATURATED MARKETS
      4. TOP IMPORTING MARKETS
      5. MOST PROFITABLE MARKETS

    7. 7. PRODUCTION

      The Latest Trends and Insights into The Industry

      1. PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
      2. PRODUCTION BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)

    8. 8. IMPORTS

      The Largest Import Supplying Countries

      1. IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
      2. IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
      3. IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)

    9. 9. EXPORTS

      The Largest Destinations for Exports

      1. EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
      2. EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
      3. EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)

    10. 10. PROFILES OF MAJOR PRODUCERS

      The Largest Producers on The Market and Their Profiles

    11. 11. COUNTRY PROFILES

      The Largest Markets And Their Profiles

      This Chapter is Available Only for the Professional Edition PRO
      • Bahrain
      • Iran
      • Iraq
      • Israel
      • Jordan
      • Kuwait
      • Lebanon
      • Oman
      • Palestine
      • Qatar
      • Saudi Arabia
      • Syrian Arab Republic
      • Turkey
      • United Arab Emirates
      • Yemen

    12. LIST OF TABLES

      1. Key Findings In 2024
      2. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
      3. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
      4. Per Capita Consumption, by Country, 2022–2024
      5. Production, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
      6. Imports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
      7. Imports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
      8. Import Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
      9. Exports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
      10. Exports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
      11. Export Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)

    13. LIST OF FIGURES

      1. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
      2. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
      3. Consumption, by Country, 2024
      4. Market Volume Forecast to 2035
      5. Market Value Forecast to 2035
      6. Market Size and Growth, By Product
      7. Average Per Capita Consumption, By Product
      8. Exports and Growth, By Product
      9. Export Prices and Growth, By Product
      10. Production Volume and Growth
      11. Exports and Growth
      12. Export Prices and Growth
      13. Market Size and Growth
      14. Per Capita Consumption
      15. Imports and Growth
      16. Import Prices
      17. Production, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
      18. Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
      19. Production, by Country, 2024
      20. Production, In Physical Terms, by Country: Historical Data (2012–2024) and Forecast (2025–2035)
      21. Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
      22. Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
      23. Imports, In Physical Terms, By Country, 2024
      24. Imports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
      25. Imports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
      26. Import Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
      27. Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
      28. Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
      29. Exports, In Physical Terms, By Country, 2024
      30. Exports, In Physical Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
      31. Exports, In Value Terms, By Country: Historical Data (2012–2024) and Forecast (2025–2035)
      32. Export Prices, By Country: Historical Data (2012–2024) and Forecast (2025–2035)

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