Africa: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Africa

The African market for processed petroleum oils and distillates was estimated at $X in 2022, increasing by 6.4% against the previous year. The total consumption indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +59.4% against 2020 indices. The level of consumption peaked in 2022 and is expected to retain growth in the near future.

Production of Processed Petroleum Oils and Distillates in Africa

In value terms, processed petroleum oils and distillates production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt decline. The growth pace was the most rapid in 2021 with an increase of 7.6% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports in Africa

In 2022, approx. X tons of processed petroleum oils and distillates were exported in Africa; leveling off at 2021 figures. The total export volume increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 30% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports rose modestly to $X in 2022. In general, exports recorded a abrupt decrease. The growth pace was the most rapid in 2021 with an increase of 39%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Algeria was the major exporting country with an export of around X tons, which resulted at 38% of total exports. Egypt (X tons) ranks second in terms of the total exports with a 17% share, followed by South Africa (13%) and Libya (5.8%). Senegal (X tons), Nigeria (X tons), Mozambique (X tons), Angola (X tons), Congo (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

Algeria experienced a relatively flat trend pattern with regard to volume of exports of processed petroleum oils and distillates. At the same time, Egypt (+13.9%), Senegal (+13.7%), South Africa (+11.4%), Congo (+7.1%), Angola (+5.2%) and Mozambique (+3.9%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing exporter exported in Africa, with a CAGR of +13.9% from 2012-2022. By contrast, Cote d'Ivoire (-5.6%), Nigeria (-7.1%) and Libya (-9.5%) illustrated a downward trend over the same period. Egypt (+12 p.p.), South Africa (+7.8 p.p.), Angola (+2.5 p.p.) and Senegal (+2.3 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire, Nigeria, Algeria and Libya saw its share reduced by -1.6%, -4.4%, -8.2% and -12.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Algeria ($X) remains the largest processed petroleum oils and distillates supplier in Africa, comprising 37% of total exports. The second position in the ranking was taken by South Africa ($X), with a 13% share of total exports. It was followed by Mozambique, with a 12% share.

In Algeria, processed petroleum oils and distillates exports decreased by an average annual rate of -8.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Africa (+4.5% per year) and Mozambique (+23.2% per year).

Export Prices by Country

The export price in Africa stood at $X per ton in 2022, growing by 5.3% against the previous year. In general, the export price, however, showed a abrupt descent. The pace of growth was the most pronounced in 2018 when the export price increased by 21%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 Mozambique ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mozambique (+18.6%), while the other leaders experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports in Africa

In 2022, approx. X tons of processed petroleum oils and distillates were imported in Africa; with an increase of 14% compared with the year before. In general, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 96% against the previous year. The volume of import peaked in 2022 and is likely to see steady growth in years to come.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Overall, imports saw a prominent increase. The pace of growth appeared the most rapid in 2021 when imports increased by 117% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

The countries with the highest levels of processed petroleum oils and distillates imports in 2022 were Nigeria (X tons), South Africa (X tons), Egypt (X tons), Morocco (X tons) and Togo (X tons), together reaching 65% of total import. It was distantly followed by Mozambique (X tons), creating a 6.7% share of total imports. The following importers - Tanzania (X tons), Kenya (X tons), Libya (X tons), Senegal (X tons), Algeria (X tons), Liberia (X tons) and Angola (X tons) - together made up 16% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Mozambique (with a CAGR of +30.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates importing markets in Africa were South Africa ($X), Nigeria ($X) and Egypt ($X), together comprising 44% of total imports. Togo, Morocco, Mozambique, Tanzania, Angola, Kenya, Algeria, Libya, Liberia and Senegal lagged somewhat behind, together accounting for a further 38%.

Mozambique, with a CAGR of +20.3%, recorded the highest growth rate of the value of imports, in terms of the main importing countries 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 Africa stood at $X per ton in 2022, surging by 5.1% against the previous year. Over the period under review, the import price, however, continues to indicate a deep contraction. The growth pace was the most rapid in 2018 when the import price increased by 22% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Angola ($X per ton), while Senegal ($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 (+2.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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