Eastern Europe: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Eastern Europe

In 2022, the East European market for processed petroleum oils and distillates increased by 5.6% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Eastern Europe

In value terms, processed petroleum oils and distillates production fell to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable decrease. The pace of growth appeared the most rapid in 2017 when the production volume increased by 21% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports in Eastern Europe

In 2022, exports of processed petroleum oils and distillates in Eastern Europe shrank to X tons, declining by -4.7% compared with the previous year's figure. Overall, exports saw a mild decline. The pace of growth appeared the most rapid in 2021 with an increase of 13% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports contracted to $X in 2022. In general, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 57%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia prevails in exports structure, amounting to X tons, which was approx. 82% of total exports in 2022. Lithuania (X tons), Belarus (X tons), Bulgaria (X tons), Romania (X tons), Slovakia (X tons) and Poland (X tons) followed a long way behind the leaders.

Russia experienced a relatively flat trend pattern with regard to volume of exports of processed petroleum oils and distillates. At the same time, Romania (+4.0%) displayed positive paces of growth. Moreover, Romania emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +4.0% from 2012-2022. Bulgaria experienced a relatively flat trend pattern. By contrast, Lithuania (-2.0%), Slovakia (-3.3%), Poland (-6.7%) and Belarus (-13.1%) illustrated a downward trend over the same period. Russia (+8.4 p.p.) significantly strengthened its position in terms of the total exports, while Belarus saw its share reduced by -6.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) remains the largest processed petroleum oils and distillates supplier in Eastern Europe, comprising 69% of total exports. The second position in the ranking was held by Lithuania ($X), with a 6.8% share of total exports. It was followed by Bulgaria, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Russia stood at -6.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Lithuania (-2.1% per year) and Bulgaria (+0.6% per year).

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2022, increasing by 1.7% against the previous year. In general, the export price, however, showed a noticeable descent. The pace of growth appeared the most rapid in 2017 when the export price increased by 50% against the previous year. The level of export 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 origin: amid the top suppliers, the country with the highest price was Poland ($X per ton), while Belarus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+3.5%), while the other leaders experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports in Eastern Europe

Processed petroleum oils and distillates imports soared to X tons in 2022, rising by 27% on the previous year's figure. Total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.8% 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 +100.4% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 57% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the near future.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Poland (X tons) and Latvia (X tons) represented roughly 41% of total imports in 2022. The Czech Republic (X tons) took the next position in the ranking, followed by Ukraine (X tons), Romania (X tons) and Hungary (X tons). All these countries together took approx. 40% share of total imports. Bulgaria (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Poland (with a CAGR of +18.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ukraine ($X), Poland ($X) and Latvia ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 55% share of total imports.

Poland, with a CAGR of +8.5%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2022, growing by 29% against the previous year. Over the period under review, the import price, however, saw a perceptible reduction. The most prominent rate of growth was recorded in 2018 an increase of 31% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Ukraine ($X per ton), while Latvia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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