Report Update Nov 1, 2024

Estonia - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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Estonia: Crude Oil Market 2024

Crude Oil Market Size in Estonia

For the fifth consecutive year, the Estonian crude oil market recorded decline in sales value, which decreased by -66.4% to $X in 2022. Over the period under review, consumption showed a drastic downturn. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Crude Oil Production in Estonia

In value terms, crude oil production totaled $X in 2022 estimated in export price. In general, production, however, recorded strong growth. The growth pace was the most rapid in 2017 when the production volume increased by 42% against the previous year. Crude oil production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Crude Oil Exports

Exports from Estonia

In 2022, overseas shipments of crude petroleum oil increased by 59% to X tons, rising for the third consecutive year after four years of decline. Overall, exports saw a remarkable increase. The growth pace was the most rapid in 2021 when exports increased by 616% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, crude oil exports skyrocketed to $X in 2022. Over the period under review, exports showed significant growth. The growth pace was the most rapid in 2021 with an increase of 581% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Germany (X tons) was the main destination for crude oil exports from Estonia, accounting for a 63% share of total exports. Moreover, crude oil exports to Germany exceeded the volume sent to the second major destination, the United States (X tons), fourfold. The third position in this ranking was taken by Denmark (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Germany was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-3.7% per year) and Denmark (+37.3% per year).

In value terms, Germany ($X) emerged as the key foreign market for crude petroleum oil exports from Estonia, comprising 72% of total exports. The second position in the ranking was taken by the United States ($X), with a 10% share of total exports. It was followed by Denmark, with an 8% share.

From 2012 to 2022, the average annual growth rate of value to Germany was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+12.0% per year) and Denmark (+60.0% per year).

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, declining by -5.3% against the previous year. Over the period under review, the export price, however, continues to indicate resilient growth. The pace of growth was the most pronounced in 2018 when the average export price increased by 137% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 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 Canada ($X per ton), while the average price for exports to Lithuania ($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 Malta (+52.2%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Oil Imports

Imports into Estonia

In 2022, approx. X tons of crude petroleum oil were imported into Estonia; which is down by -83.7% against the previous year's figure. Overall, imports faced a abrupt decrease. The pace of growth appeared the most rapid in 2014 with an increase of 72% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, crude oil imports shrank markedly to $X in 2022. Over the period under review, imports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 69% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Kazakhstan (X tons) was the main crude oil supplier to Estonia, with a approx. 99.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Kazakhstan totaled -11.4%.

In value terms, Kazakhstan ($X) constituted the largest supplier of crude petroleum oil to Estonia.

From 2012 to 2022, the average annual growth rate of value from Kazakhstan stood at -10.3%.

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, rising by 102% against the previous year. Overall, the import price recorded a modest expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major supplying country, the average price level is determined by prices for Kazakhstan.

From 2012 to 2022, the rate of growth in terms of prices for Latvia amounted to +3.1% per year.

Source: IndexBox Platform

This report provides an in-depth analysis of the crude oil market in Estonia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Estonia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Estonia
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023