Denmark: Crude Oil Market 2024

Crude Oil Market Size in Denmark

In 2022, the Danish crude oil market increased by 12% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, recorded a relatively flat trend pattern. Crude oil consumption peaked in 2022 and is likely to see gradual growth in the near future.

Crude Oil Production in Denmark

In value terms, crude oil production declined to $X in 2022 estimated in export price. Overall, production faced a abrupt contraction. The pace of growth was the most pronounced in 2021 when the production volume increased by 21% against the previous year. Crude oil production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Oil Exports

Exports from Denmark

For the third consecutive year, Denmark recorded decline in overseas shipments of crude petroleum oil, which decreased by -28.1% to X tons in 2022. In general, exports showed a dramatic decrease. The growth pace was the most rapid in 2015 with an increase of 7.5%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, crude oil exports rose notably to $X in 2022. Over the period under review, exports showed a sharp shrinkage. The growth pace was the most rapid in 2017 with an increase of 14% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for crude oil exports from Denmark, with a 72% share of total exports. Moreover, crude oil exports to the Netherlands exceeded the volume sent to the second major destination, Finland (X tons), fourfold. The third position in this ranking was taken by Turkey (X tons), with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands totaled -4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (-17.7% per year) and Turkey (-19.5% per year).

In value terms, the Netherlands ($X) remains the key foreign market for crude petroleum oil exports from Denmark, comprising 73% of total exports. The second position in the ranking was held by Finland ($X), with an 18% share of total exports. It was followed by Sweden, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value to the Netherlands amounted to -4.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (-18.1% per year) and Sweden (-36.3% per year).

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, with an increase of 48% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Turkey ($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 Turkey (+3.4%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Oil Imports

Imports into Denmark

In 2022, approx. X tons of crude petroleum oil were imported into Denmark; declining by -13.3% against the previous year's figure. The total import volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 34% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then dropped in the following year.

In value terms, crude oil imports soared to $X in 2022. Overall, imports, however, continue to indicate a measured increase. The most prominent rate of growth was recorded in 2021 when imports increased by 96%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), Norway (X tons) and the UK (X tons) were the main suppliers of crude oil imports to Denmark, with a combined 86% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +103.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil suppliers to Denmark were the United States ($X), Norway ($X) and the UK ($X), with a combined 85% share of total imports.

Among the main suppliers, the United States, with a CAGR of +129.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, jumping by 46% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 68% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Nigeria ($X per ton) and Algeria ($X per ton), while the price for Libya ($X per ton) and Norway ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+13.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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