Angola: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Angola

The Angolan market for processed petroleum oils and distillates reached $X in 2022, growing by 7.5% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in Angola

In value terms, processed petroleum oils and distillates production shrank to $X in 2022 estimated in export price. Overall, production recorded a noticeable curtailment. The growth pace was the most rapid in 2018 with an increase of 16%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Angola

In 2022, processed petroleum oils and distillates exports from Angola amounted to X tons, remaining constant against the previous year. Overall, exports posted a prominent expansion. The growth pace was the most rapid in 2017 when exports increased by 1,471% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, processed petroleum oils and distillates exports amounted to $X in 2022. Over the period under review, exports showed a strong increase. The growth pace was the most rapid in 2017 when exports increased by 47%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Brazil (X tons), South Africa (X tons) and the United States (X tons) were the main destinations of processed petroleum oils and distillates exports from Angola, together accounting for 77% of total exports. Singapore, the UK, Belgium and Sao Tome and Principe lagged somewhat behind, together comprising a further 13%.

From 2015 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Sao Tome and Principe (with a CAGR of +815.6%), while the other leaders experienced more modest paces of growth.

It was followed by South Africa, with a 7.1% share.

From 2015 to 2022, the average annual rate of growth in terms of value to Brazil totaled +55.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.5% per year) and South Africa (+487.6% per year).

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, approximately equating the previous year. Over the period under review, the export price recorded noticeable growth. The growth pace was the most rapid in 2016 an increase of 920% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Sao Tome and Principe ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2015 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+19.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Angola

In 2022, purchases abroad of processed petroleum oils and distillates increased by 81% to X tons, rising for the fourth consecutive year after two years of decline. Overall, imports showed strong growth. The pace of growth appeared the most rapid in 2021 with an increase of 147% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. Over the period under review, imports recorded a strong increase. The pace of growth was the most pronounced in 2021 when imports increased by 256% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest processed petroleum oils and distillates supplier to Angola, with a 42% share of total imports. Moreover, processed petroleum oils and distillates imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Belgium (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands stood at +22.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-1.0% per year) and Singapore (-33.4% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of processed petroleum oils and distillates to Angola, comprising 43% of total imports. The second position in the ranking was held by Belgium ($X), with a 5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands totaled +24.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-3.8% per year) and Singapore (-27.8% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, jumping by 44% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 44%. The import price peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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