Estonia: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Estonia

The Estonian market for processed petroleum oils and distillates skyrocketed to $X in 2022, rising by 122% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a temperate expansion. Processed petroleum oils and distillates consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Estonia

In 2022, approx. X tons of processed petroleum oils and distillates were exported from Estonia; falling by -14% on 2021 figures. Over the period under review, exports saw a drastic downturn. The pace of growth was the most pronounced in 2015 when exports increased by 43%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. Overall, exports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2018 with an increase of 43% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Belgium (X tons), Guatemala (X tons) and the UK (X tons) were the main destinations of processed petroleum oils and distillates exports from Estonia, with a combined 26% share of total exports. Denmark, Norway, the United States, Canada, Argentina, the Netherlands, Lithuania, Latvia, Ecuador and Namibia lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +166.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for processed petroleum oils and distillates exported from Estonia were Belgium ($X), Guatemala ($X) and Norway ($X), with a combined 25% share of total exports. The UK, Denmark, the United States, Canada, Argentina, the Netherlands, Latvia, Lithuania, Namibia and Ecuador lagged somewhat behind, together accounting for a further 30%.

Argentina, with a CAGR of +186.7%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, rising by 65% against the previous year. In general, the export price enjoyed a slight expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to Belgium ($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 Ecuador (+8.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Estonia

In 2022, purchases abroad of processed petroleum oils and distillates was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. In general, imports, however, continue to indicate a pronounced decline. The growth pace was the most rapid in 2014 with an increase of 23% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Over the period under review, imports, however, showed a noticeable downturn. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Russia (X tons), Lithuania (X tons) and Finland (X tons) were the main suppliers of processed petroleum oils and distillates imports to Estonia, with a combined 75% share of total imports. Kazakhstan, the Netherlands, Poland and Belarus lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +26.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Russia ($X) and Finland ($X) appeared to be the largest processed petroleum oils and distillates suppliers to Estonia, together accounting for 73% of total imports. Kazakhstan, the Netherlands, Poland and Belarus lagged somewhat behind, together comprising a further 14%.

Among the main suppliers, the Netherlands, with a CAGR of +26.1%, saw 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

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, jumping by 58% against the previous year. In general, the import price posted a modest expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Belarus ($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 (+2.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform