Canada: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Canada

The Canadian market for processed petroleum oils and distillates contracted to $X in 2022, falling by -10.7% against the previous year. Overall, consumption saw a pronounced reduction. Processed petroleum oils and distillates consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Canada

In value terms, processed petroleum oils and distillates production reduced to $X in 2022 estimated in export price. Overall, production saw a abrupt descent. The pace of growth appeared the most rapid in 2017 when the production volume increased by 24% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Canada

In 2022, the amount of processed petroleum oils and distillates exported from Canada surged to X tons, jumping by 48% on the previous year. Overall, exports posted a buoyant increase. The pace of growth appeared the most rapid in 2021 with an increase of 60%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, processed petroleum oils and distillates exports soared to $X in 2022. In general, exports, however, continue to indicate a slight downturn. The growth pace was the most rapid in 2021 when exports increased by 60% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for processed petroleum oils and distillates exports from Canada, accounting for a approx. 95% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +9.7%.

In value terms, the United States ($X) also remains the key foreign market for processed petroleum oils and distillates exports from Canada.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States was relatively modest.

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. In general, the export price, however, recorded a deep contraction. The growth pace was the most rapid in 2017 an increase of 24%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to -8.9% per year.

Imports of Processed Petroleum Oils and Distillates

Imports into Canada

In 2022, supplies from abroad of processed petroleum oils and distillates increased by 50% to X tons, rising for the second year in a row after two years of decline. In general, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +8.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +142.3% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 61% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. Over the period under review, total imports indicated a temperate increase from 2012 to 2022: its value 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, imports increased by +142.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 61% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of processed petroleum oils and distillates to Canada, accounting for a 78% share of total imports. Moreover, processed petroleum oils and distillates imports from the United States exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), tenfold.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+8.0% per year) and the UK (+3.9% per year).

In value terms, the United States ($X) constituted the largest supplier of processed petroleum oils and distillates to Canada, comprising 74% of total imports. The second position in the ranking was held by the Netherlands ($X), with an 8.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+9.8% per year) and the UK (-0.1% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, approximately reflecting the previous year. In general, the import price saw a perceptible shrinkage. The pace of growth was the most pronounced in 2018 when the average import price increased by 30% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for the United States ($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 Netherlands (+1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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