Bahrain: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Bahrain

In 2022, the Bahraini market for processed petroleum oils and distillates decreased by -0.8% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption enjoyed a noticeable expansion. As a result, consumption attained the peak level of $X, leveling off in the following year.

Production of Processed Petroleum Oils and Distillates in Bahrain

In value terms, processed petroleum oils and distillates production fell to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2021 when the production volume increased by 12% against the previous year. Over the period under review, production attained the peak level 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 Bahrain

After two years of decline, overseas shipments of processed petroleum oils and distillates increased by 27% to X tons in 2022. In general, exports, however, faced a sharp descent. The growth pace was the most rapid in 2017 with an increase of 38% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. Overall, exports, however, showed a sharp decline. The most prominent rate of growth was recorded in 2017 when exports increased by 59%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

South Africa (X tons), Singapore (X tons) and Japan (X tons) were the main destinations of processed petroleum oils and distillates exports from Bahrain, together accounting for 43% of total exports. The UK, the United States, France, Brazil, Belgium, China, Argentina, the Netherlands and Tanzania lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Brazil (with a CAGR of +5.1%), while the other leaders experienced a decline.

In value terms, the largest markets for processed petroleum oils and distillates exported from Bahrain were South Africa ($X), Japan ($X) and Singapore ($X), together accounting for 42% of total exports. The UK, the United States, France, Belgium, Brazil, the Netherlands, Argentina, Tanzania and China lagged somewhat behind, together accounting for a further 23%.

In terms of the main countries of destination, Brazil, with a CAGR of -6.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the export price, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2018 when the average export price increased by 24% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to the UK ($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 the Netherlands (-5.3%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Bahrain

In 2022, supplies from abroad of processed petroleum oils and distillates increased by 26% to X tons, rising for the fifth year in a row after three years of decline. Overall, imports saw a significant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 888% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. Over the period under review, imports continue to indicate a buoyant expansion. The growth pace was the most rapid in 2021 when imports increased by 185% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, India (X tons) was the main processed petroleum oils and distillates supplier to Bahrain, with a 90% share of total imports. It was followed by Greece (X tons), with a 2.2% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from India stood at +38.6%.

In value terms, India ($X) constituted the largest supplier of processed petroleum oils and distillates to Bahrain, comprising 83% of total imports. The second position in the ranking was taken by Greece ($X), with a 2.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from India stood at +20.1%.

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, almost unchanged from the previous year. In general, the import price recorded a abrupt contraction. The pace of growth appeared the most rapid in 2013 an increase of 79% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Greece ($X per ton), while the price for India totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-13.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform