EU: Crude Oil Market 2024

Crude Oil Market Size in the EU

In 2022, the EU crude oil market increased by 40% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, showed a slight reduction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Crude Oil Production in the EU

In value terms, crude oil production declined to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt setback. The pace of growth was the most pronounced in 2021 with an increase of 20%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Crude Oil Exports

Exports in the EU

Crude oil exports dropped rapidly to X tons in 2022, declining by -58.2% against the previous year. Over the period under review, exports showed a noticeable downturn. The growth pace was the most rapid in 2021 with an increase of 93%. As a result, the exports reached the peak of X tons, and then shrank remarkably in the following year.

In value terms, crude oil exports reduced sharply to $X in 2022. In general, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 95% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands prevails in exports structure, reaching X tons, which was approx. 88% of total exports in 2022. The following exporters - Spain (X tons), Italy (X tons) and Croatia (X tons) - together made up 8.7% of total exports.

Exports from the Netherlands decreased at an average annual rate of -2.1% from 2012 to 2022. At the same time, Croatia (+41.4%) and Spain (+11.2%) displayed positive paces of growth. Moreover, Croatia emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +41.4% from 2012-2022. Italy experienced a relatively flat trend pattern. The Netherlands (+9.7 p.p.), Spain (+3.4 p.p.) and Croatia (+1.5 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest crude oil supplier in the European Union, comprising 80% of total exports. The second position in the ranking was held by Spain ($X), with a 5% share of total exports. It was followed by Italy, with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Netherlands totaled -11.9%. In the other countries, the average annual rates were as follows: Spain (+11.3% per year) and Italy (-3.9% per year).

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, falling by -5.8% against the previous year. Overall, the export price showed a abrupt shrinkage. The growth pace was the most rapid in 2018 an increase of 27% 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 Croatia ($X per ton), while the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+0.1%), while the other leaders experienced a decline in the export price figures.

Crude Oil Imports

Imports in the EU

In 2022, supplies from abroad of crude petroleum oil increased by 6.6% to X tons, rising for the second consecutive year after three years of decline. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 8.2% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, crude oil imports surged to $X in 2022. In general, imports, however, continue to indicate a pronounced decline. The growth pace was the most rapid in 2021 with an increase of 62%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the Netherlands (X tons), distantly followed by Germany (X tons), Spain (X tons), Italy (X tons), France (X tons) and Belgium (X tons) were the major importers of crude petroleum oil, together making up 74% of total imports. The following importers - Poland (X tons), Greece (X tons), Sweden (X tons), Finland (X tons), Portugal (X tons) and Romania (X tons) - together made up 17% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Romania (with a CAGR of +5.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil importing markets in the European Union were Germany ($X), the Netherlands ($X) and Spain ($X), with a combined 45% share of total imports. Italy, France, Belgium, Poland, Greece, Sweden, Portugal, Finland and Romania lagged somewhat behind, together accounting for a further 46%.

Among the main importing countries, Romania, with a CAGR of +3.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in the European Union stood at $X per ton in 2022, with an increase of 36% against the previous year. In general, the import price, however, saw a pronounced contraction. The pace of growth appeared the most rapid in 2021 an increase of 50% against the previous year. The level of import peaked 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 France ($X per ton), while the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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