ECOWAS: Crude Oil Market 2024

Crude Oil Market Size in ECOWAS

For the fifth year in a row, the ECOWAS crude oil market recorded decline in sales value, which decreased by -7.1% to $X in 2022. Overall, consumption continues to indicate a abrupt shrinkage. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Crude Oil Production in ECOWAS

In value terms, crude oil production shrank to $X in 2022 estimated in export price. Over the period under review, production recorded a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 36% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Oil Exports

Exports in ECOWAS

In 2022, the amount of crude petroleum oil exported in ECOWAS declined notably to X tons, reducing by -19.1% compared with 2021. In general, exports saw a mild decline. The most prominent rate of growth was recorded in 2021 when exports increased by 33%. As a result, the exports attained the peak of X tons, and then declined notably in the following year.

In value terms, crude oil exports declined remarkably to $X in 2022. Overall, exports recorded a deep reduction. The pace of growth appeared the most rapid in 2018 when exports increased by 40% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria dominates exports structure, reaching X tons, which was near 89% of total exports in 2022. It was distantly followed by Ghana (X tons), comprising an 8.8% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude oil exports from Nigeria stood at -2.1%. At the same time, Ghana (+3.7%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +3.7% from 2012-2022. From 2012 to 2022, the share of Ghana increased by +3.6 percentage points.

In value terms, Nigeria ($X) remains the largest crude oil supplier in ECOWAS, comprising 88% of total exports. The second position in the ranking was held by Ghana ($X), with a 9.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to -10.4%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, the export price showed a abrupt decrease. The most prominent rate of growth was recorded in 2018 when the export price increased by 32% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-4.5%).

Crude Oil Imports

Imports in ECOWAS

In 2022, the amount of crude petroleum oil imported in ECOWAS reduced to X tons, approximately equating the previous year's figure. Overall, imports continue to indicate a perceptible descent. The pace of growth was the most pronounced in 2018 with an increase of 50%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude oil imports reached $X in 2022. Over the period under review, imports showed a deep slump. The pace of growth appeared the most rapid in 2018 when imports increased by 53%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Cote d'Ivoire (X tons) was the major importer of crude petroleum oil, generating 60% of total imports. It was distantly followed by Senegal (X tons) and Togo (X tons), together achieving a 36% share of total imports. Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to crude oil imports into Cote d'Ivoire stood at -5.0%. At the same time, Togo (+34.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +34.5% from 2012-2022. Senegal experienced a relatively flat trend pattern. By contrast, Ghana (-4.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal and Togo increased by +10 and +6.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported crude petroleum oil in ECOWAS, comprising 57% of total imports. The second position in the ranking was held by Senegal ($X), with a 23% share of total imports. It was followed by Togo, with a 9.6% share.

In Cote d'Ivoire, crude oil imports contracted by an average annual rate of -9.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (-5.4% per year) and Togo (+22.7% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, with an increase of 2% against the previous year. Overall, the import price, however, showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2019 an increase of 9% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-4.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform