Azerbaijan: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Azerbaijan

The Azerbaijani market for processed petroleum oils and distillates surged to $X in 2022, with an increase of 18% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Azerbaijan

In value terms, processed petroleum oils and distillates production fell to $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2017 when the production volume increased by 19%. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Azerbaijan

In 2022, overseas shipments of processed petroleum oils and distillates decreased by -39.9% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2021 when exports increased by 30% against the previous year. Over the period under review, the exports attained the peak figure 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 contracted markedly to $X in 2022. Over the period under review, exports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 126% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Italy (X tons), Turkey (X tons) and Luxembourg (X tons) were the main destinations of processed petroleum oils and distillates exports from Azerbaijan, together comprising 58% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Luxembourg (with a CAGR of +87.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for processed petroleum oils and distillates exported from Azerbaijan were Turkey ($X), Luxembourg ($X) and Libya ($X), together accounting for 52% of total exports.

Luxembourg, with a CAGR of +87.4%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, surging by 35% against the previous year. Overall, the export price, however, continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2021 when the average export price increased by 73%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Luxembourg ($X per ton), while the average price for exports to Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+1.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Azerbaijan

For the fifth year in a row, Azerbaijan recorded growth in purchases abroad of processed petroleum oils and distillates, which increased by 184% to X tons in 2022. Over the period under review, imports continue to indicate a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Overall, imports saw a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Kazakhstan (X tons) constituted the largest supplier of processed petroleum oils and distillates to Azerbaijan, with a 61% share of total imports. Moreover, processed petroleum oils and distillates imports from Kazakhstan exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fivefold. China (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Kazakhstan amounted to +155.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+30.3% per year) and China (+96.2% per year).

In value terms, Kazakhstan ($X), Turkey ($X) and China ($X) were the largest processed petroleum oils and distillates suppliers to Azerbaijan, with a combined 63% share of total imports.

Among the main suppliers, Kazakhstan, with a CAGR of +120.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, almost unchanged from the previous year. In general, the import price continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2017 when the average import price increased by 61%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (-7.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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