Croatia: Crude Oil Market 2025

Crude Oil Market Size in Croatia

The Croatian crude oil market soared to $X in 2022, surging by 19% 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). In general, consumption recorded a abrupt setback. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Crude Oil Exports

Exports from Croatia

After eight years of growth, overseas shipments of crude petroleum oil decreased by -71.4% to X tons in 2022. Over the period under review, exports, however, posted a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 1,252% against the previous year. As a result, the exports attained the peak of X tons, and then dropped rapidly in the following year.

In value terms, crude oil exports shrank markedly to $X in 2022. Overall, exports, however, saw a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 1,363%. As a result, the exports reached the peak of $X, and then fell sharply in the following year.

Exports by Country

Hungary (X tons) was the main destination for crude oil exports from Croatia, with a 99.9% share of total exports. It was followed by Serbia (X kg), with less than 0.1% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Hungary totaled +76.5%.

In value terms, Hungary ($X) remains the key foreign market for crude petroleum oil exports from Croatia, comprising 99.9% of total exports. The second position in the ranking was held by Serbia ($X), with less than 0.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Hungary stood at +75.5%.

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, jumping by 35% against the previous year. Over the period under review, the export price, however, faced a abrupt contraction. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hungary ($X per ton), while the average price for exports to Serbia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hungary (-0.6%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Croatia

In 2022, the amount of crude petroleum oil imported into Croatia declined remarkably to X tons, shrinking by -51.4% compared with the year before. Over the period under review, imports saw a noticeable shrinkage. The pace of growth was the most pronounced in 2020 when imports increased by 81%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude oil imports shrank sharply to $X in 2022. Overall, imports continue to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 47% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Azerbaijan (X tons) was the main crude oil supplier to Croatia, with a 96% share of total imports. It was followed by Kazakhstan (X tons), with a 3% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Azerbaijan stood at +10.9%.

In value terms, Azerbaijan ($X) constituted the largest supplier of crude petroleum oil to Croatia, comprising 96% of total imports. The second position in the ranking was taken by Kazakhstan ($X), with a 3.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Azerbaijan totaled +11.4%.

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, surging by 68% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 76% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+4.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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