ECOWAS: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in ECOWAS

The ECOWAS market for processed petroleum oils and distillates plummeted to $X in 2022, reducing by -17.4% against the previous year. Over the period under review, consumption, however, posted a moderate expansion. As a result, consumption attained the peak level of $X, and then declined rapidly in the following year.

Production of Processed Petroleum Oils and Distillates in ECOWAS

In value terms, processed petroleum oils and distillates production dropped modestly to $X in 2022 estimated in export price. In general, production recorded a deep setback. The growth pace was the most rapid in 2013 when the production volume increased by 9.8% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports in ECOWAS

In 2022, shipments abroad of processed petroleum oils and distillates decreased by -6.7% to X tons, falling for the fifth consecutive year after two years of growth. Over the period under review, exports saw a mild slump. The growth pace was the most rapid in 2017 with an increase of 41%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports dropped rapidly to $X in 2022. In general, exports recorded a abrupt shrinkage. The growth pace was the most rapid in 2017 when exports increased by 39% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Senegal (X tons) and Nigeria (X tons) represented roughly 63% of total exports in 2022. Cote d'Ivoire (X tons) held the next position in the ranking, distantly followed by Ghana (X tons). All these countries together took approx. 23% share of total exports. The following exporters - Niger (X tons), Togo (X tons) and Liberia (X tons) - each amounted to an 8.6% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Senegal (with a CAGR of +13.7%), while the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Cote d'Ivoire ($X) and Ghana ($X) were the countries with the highest levels of exports in 2022, with a combined 67% share of total exports. Nigeria, Liberia, Togo and Niger lagged somewhat behind, together accounting for a further 23%.

Among the main exporting countries, Togo, with a CAGR of +17.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, which is down by -16.6% against the previous year. In general, the export price saw a deep setback. The pace of growth appeared the most rapid in 2018 an increase of 28%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Liberia ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+17.1%), while the other leaders experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports in ECOWAS

After four years of growth, purchases abroad of processed petroleum oils and distillates decreased by -18.8% to X tons in 2022. In general, imports, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2021 when imports increased by 132% against the previous year. As a result, imports reached the peak of X tons, and then contracted rapidly in the following year.

In value terms, processed petroleum oils and distillates imports dropped sharply to $X in 2022. Overall, imports, however, showed moderate growth. The pace of growth was the most pronounced in 2021 with an increase of 128% against the previous year. As a result, imports reached the peak of $X, and then fell dramatically in the following year.

Imports by Country

Nigeria represented the major importing country with an import of around X tons, which amounted to 49% of total imports. Togo (X tons) held a 27% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (5.8%) and Liberia (4.8%). Burkina Faso (X tons), Mali (X tons), Guinea (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cote d'Ivoire (with a CAGR of +21.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates importing markets in ECOWAS were Nigeria ($X), Togo ($X) and Burkina Faso ($X), with a combined 74% share of total imports. Guinea, Liberia, Senegal, Mali and Cote d'Ivoire lagged somewhat behind, together accounting for a further 23%.

In terms of the main importing countries, Cote d'Ivoire, with a CAGR of +18.6%, recorded the highest rates of growth with regard to 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

In 2022, the import price in ECOWAS amounted to $X per ton, with an increase of 3.7% against the previous year. In general, the import price, however, saw a deep reduction. The most prominent rate of growth was recorded in 2017 an increase of 22%. Over the period under review, import prices reached the peak figure 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 Guinea ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+1.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform