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United Kingdom - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights

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May 12, 2023

UK Crude Oil Price Reduces 3%, Averaging $662 per Ton After Two Consecutive Months of Decline

United Kingdom Crude Oil Import Price in January 2023

In January 2023, the crude oil price stood at $662 per ton (CIF, United Kingdom), falling by -3.2% against the previous month. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2022 an increase of 20% month-to-month. The import price peaked at $895 per ton in June 2022; however, from July 2022 to January 2023, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In January 2023, the highest price was recorded for prices from the United States ($705 per ton) and Algeria ($700 per ton), while the price for Kazakhstan ($558 per ton) and Guyana ($591 per ton) were amongst the lowest.

From January 2022 to January 2023, the most notable rate of growth in terms of prices was attained by the United States (+1.1%), while the prices for the other major suppliers experienced more modest paces of growth.

COUNTRY	Import Price of Crude Oil in United Kingdom (USD per ton)
COUNTRY	Jan 2022	Feb 2022	Mar 2022	Apr 2022	May 2022	Jun 2022	Jul 2022	Aug 2022	Sep 2022	Oct 2022	Nov 2022	Dec 2022	Jan 2023
United States	617	646	835	786	845	910	919	863	762	736	779	707	705
Algeria	637	638	732	864	961	1,010	677	807	N/A	759	N/A	828	700
Canada	609	625	815	N/A	835	911	927	879	778	682	N/A	617	685
Ghana	N/A	N/A	N/A	N/A	N/A	N/A	837	N/A	N/A	768	N/A	735	665
Norway	625	708	830	786	858	880	850	788	677	673	686	637	626
Guyana	651	N/A	N/A	N/A	800	923	N/A	826	735	722	N/A	598	591
Kazakhstan	N/A	N/A	892	834	755	N/A	849	N/A	N/A	N/A	N/A	N/A	558
Average	625	674	811	794	845	895	871	820	726	708	732	684	662

United Kingdom Crude Oil Imports

In January 2023, supplies from abroad of crude petroleum oil increased by 17% to 5.6M tons, rising for the second consecutive month after three months of decline. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in December 2022 with an increase of 29% m-o-m.

In value terms, crude oil imports rose notably to $3.7B (IndexBox estimates) in January 2023. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in March 2022 with an increase of 34% m-o-m.

United Kingdom Crude Oil Imports by Country

Norway (2.5M tons), the United States (2.1M tons) and Algeria (306K tons) were the main suppliers of crude oil imports to the UK, with a combined 88% share of total imports. Canada, Ghana, Guyana and Kazakhstan lagged somewhat behind, together accounting for a further 11%.

From January 2022 to January 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Guyana (with a CAGR of +5.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil suppliers to the UK were Norway ($1.5B), the United States ($1.5B) and Algeria ($214M), together accounting for 88% of total imports. Canada, Ghana, Guyana and Kazakhstan lagged somewhat behind, together accounting for a further 11%.

In terms of the main suppliers, Canada, with a CAGR of +4.9%, saw 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.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the crude oil market in the UK. 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:

United Kingdom

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in the UK
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:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
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. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023

United Kingdom - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights

UK Crude Oil Price Reduces 3%, Averaging $662 per Ton After Two Consecutive Months of Decline

United Kingdom Crude Oil Import Price in January 2023

United Kingdom Crude Oil Imports

United Kingdom Crude Oil Imports by Country

Product coverage:

Country coverage:

Data coverage:

Reasons to buy this report:

1. INTRODUCTION

2. EXECUTIVE SUMMARY

3. MARKET OVERVIEW

4. MOST PROMISING PRODUCT

5. MOST PROMISING SUPPLYING COUNTRIES

6. MOST PROMISING OVERSEAS MARKETS

7. PRODUCTION

8. IMPORTS

9. EXPORTS

10. PROFILES OF MAJOR PRODUCERS

LIST OF TABLES

LIST OF FIGURES

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