Report Update Nov 1, 2024

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

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Bulgaria: Crude Oil Market 2024

Crude Oil Market Size in Bulgaria

The Bulgarian crude oil market soared to $X in 2022, picking up by 91% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Exports

Exports from Bulgaria

In 2020, shipments abroad of crude petroleum oil decreased by -98.2% to X tons, falling for the fifth year in a row after two years of decline. Over the period under review, exports faced a dramatic slump. The smallest decline of -17.6% was in 2016. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2020, the exports stood at a somewhat lower figure.

In value terms, crude oil exports contracted rapidly to $X in 2020. In general, exports continue to indicate a sharp downturn. The exports peaked at $X in 2013; however, from 2014 to 2020, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons) was the main destination for crude oil exports from Bulgaria, with a approx. 99.9% share of total exports.

From 2013 to 2020, the average annual rate of growth in terms of volume to the Netherlands amounted to -49.5%.

In value terms, the Netherlands ($X) emerged as the key foreign market for crude petroleum oil exports from Bulgaria.

From 2013 to 2020, the average annual rate of growth in terms of value to the Netherlands totaled +5.9%.

Export Prices by Country

The average crude oil export price stood at $X per ton in 2020, increasing by 4,572% against the previous year. Overall, the export price posted a significant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the Netherlands.

From 2013 to 2020, the rate of growth in terms of prices for the Netherlands amounted to +109.7% per year.

Crude Oil Imports

Imports into Bulgaria

After two years of decline, overseas purchases of crude petroleum oil increased by 71% to X tons in 2022. The total import volume increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude oil imports soared to $X in 2022. Overall, imports, however, continue to indicate a slight decline. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of crude oil to Bulgaria, with a 85% share of total imports. Moreover, crude oil imports from Russia exceeded the figures recorded by the second-largest supplier, Greece (X tons), more than tenfold. The third position in this ranking was taken by Romania (X tons), with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+111.8% per year) and Romania (+162.5% per year).

In value terms, Russia ($X) constituted the largest supplier of crude petroleum oil to Bulgaria, comprising 84% of total imports. The second position in the ranking was taken by Greece ($X), with a 7.1% share of total imports. It was followed by Romania, with a 6.2% share.

From 2012 to 2022, the average annual growth rate of value from Russia totaled -3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+111.2% per year) and Romania (+182.2% per year).

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, surging by 18% against the previous year. In general, the import price, however, showed a pronounced contraction. The most prominent rate of growth was recorded in 2021 when the average import price increased by 59%. 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.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Iraq ($X per ton) and Greece ($X per ton), while the price for Russia ($X per ton) and Romania ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+11.0%), 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, with a combined 45% share of global consumption. These countries were followed by India, Saudi Arabia, South Korea, Japan, Brazil, Canada, Israel, Germany, the Netherlands and Thailand, which together accounted for 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, with a combined 42% share of global production.

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

In value terms, Russia constituted the largest supplier of crude oil to Bulgaria, comprising 61% of total imports. The second position in the ranking was occupied by Greece, with a 12% share of total imports. It was followed by Egypt, with an 8.1% share.

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

In value terms, Spain emerged as the key foreign market for crude oil exports from Bulgaria, comprising 94% of total exports. The second position in the ranking was occupied by the Netherlands, with a 5.2% share of total exports.

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

The average crude oil export price stood at $618 per ton in 2019, dropping by -7.9% against the previous year.

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

The average crude oil import price stood at $499 per ton in 2021, surging by 63% against the previous year.

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

Bulgaria

Data coverage:

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