Report Update Nov 1, 2024

Bangladesh - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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Bangladesh: Crude Oil Market 2024

Crude Oil Market Size in Bangladesh

In 2022, the Bangladeshi crude oil market decreased by -88.3% to $X, falling for the second year in a row after nine years of growth. In general, consumption faced a deep downturn. Crude oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Exports

Exports from Bangladesh

In 2022, the amount of crude petroleum oil exported from Bangladesh shrank to X tons, which is down by -12.2% on 2021. In general, exports saw a dramatic contraction. The most prominent rate of growth was recorded in 2020 with an increase of 45% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, crude oil exports fell slightly to $X in 2022. Over the period under review, exports faced a dramatic downturn. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea (X kg) was the main destination for crude oil exports from Bangladesh, with a 70% share of total exports. Moreover, crude oil exports to South Korea exceeded the volume sent to the second major destination, Singapore (X kg), twofold.

From 2012 to 2022, the average annual growth rate of volume to South Korea stood at -60.4%.

In value terms, South Korea ($X) remains the key foreign market for crude petroleum oil exports from Bangladesh, comprising 73% of total exports. The second position in the ranking was taken by Singapore ($X), with a 27% share of total exports.

From 2012 to 2022, the average annual growth rate of value to South Korea stood at -62.2%.

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, growing by 12% against the previous year. In general, the export price, however, recorded a noticeable slump. The most prominent rate of growth was recorded in 2015 when the average export price increased by 14% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Singapore stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (-4.5%).

Crude Oil Imports

Imports into Bangladesh

In 2022, approx. X tons of crude petroleum oil were imported into Bangladesh; reducing by -89% against the previous year. Overall, imports recorded a deep slump. The growth pace was the most rapid in 2015 when imports increased by 72% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude oil imports fell significantly to $X in 2022. In general, imports faced a abrupt descent. The most prominent rate of growth was recorded in 2015 when imports increased by 77%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Saudi Arabia (X tons) was the main crude oil supplier to Bangladesh, accounting for a 99% share of total imports. It was followed by Singapore (X tons), with a 0.8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Saudi Arabia stood at -10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-31.8% per year) and the United Arab Emirates (-53.1% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of crude petroleum oil to Bangladesh, comprising 100% of total imports. The second position in the ranking was held by Singapore ($X), with a 0.1% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Saudi Arabia stood at -6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-42.7% per year) and the United Arab Emirates (-49.6% per year).

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, increasing by 9.3% against the previous year. Overall, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude oil import price increased by +61.2% against 2014 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, China and Russia, together comprising 45% of global consumption. India, Saudi Arabia, South Korea, Japan, Brazil, Canada, Israel, Germany, the Netherlands and Thailand lagged somewhat behind, together comprising a further 28%.

What are the largest producers of crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, Russia and Saudi Arabia, together comprising 42% of global production.

What are the leading suppliers of crude petroleum oil to Bangladesh?

In value terms, Saudi Arabia constituted the largest supplier of crude oil to Bangladesh, comprising 73% of total imports. The second position in the ranking was occupied by the United Arab Emirates, with a 27% share of total imports.

What are the leading importers of crude petroleum oil from Bangladesh?

In value terms, South Korea remains the key foreign market for crude oil exports from Bangladesh, comprising 71% of total exports. The second position in the ranking was occupied by Singapore, with a 29% share of total exports.

What is the average export price for crude petroleum oil in Bangladesh?

The average crude oil export price stood at $1,909 per ton in 2021, with a decrease of -6.7% against the previous year.

What is the average import price for crude petroleum oil in Bangladesh?

The average crude oil import price stood at $444 per ton in 2021, which is down by -3.9% against the previous year.

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

Bangladesh

Data coverage:

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