Europe: Crude Oil Market 2025

Crude Oil Market Size in Europe

In 2022, the Europe crude oil market increased by 23% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, saw a slight reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Production in Europe

In value terms, crude oil production dropped to $X in 2022 estimated in export price. Over the period under review, production showed a perceptible curtailment. The pace of growth appeared the most rapid in 2018 when the production volume increased by 17%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Oil Exports

Exports in Europe

In 2022, approx. X tons of crude petroleum oil were exported in Europe; waning by -11.6% compared with the year before. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 6.6% against the previous year. As a result, the exports reached the peak of X tons, and then dropped in the following year.

In value terms, crude oil exports dropped to $X in 2022. In general, exports continue to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2021 with an increase of 58%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Russia (X tons) represented the largest exporter of crude petroleum oil, generating 61% of total exports. Norway (X tons) took the second position in the ranking, distantly followed by the UK (X tons) and the Netherlands (X tons). All these countries together took approx. 37% share of total exports.

Russia experienced a relatively flat trend pattern with regard to volume of exports of crude petroleum oil. At the same time, Norway (+1.8%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing exporter exported in Europe, with a CAGR of +1.8% from 2012-2022. The UK experienced a relatively flat trend pattern. By contrast, the Netherlands (-2.1%) illustrated a downward trend over the same period. While the share of Norway (+3.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the Netherlands (-1.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X), Norway ($X) and the UK ($X) were the countries with the highest levels of exports in 2022, together comprising 94% of total exports.

Among the main exporting countries, Norway, with a CAGR of +0.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Europe stood at $X per ton in 2022, rising by 5% against the previous year. Over the period under review, the export price, however, saw a pronounced reduction. The pace of growth was the most pronounced in 2021 when the export price increased by 48%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (-1.0%), while the other leaders experienced a decline in the export price figures.

Crude Oil Imports

Imports in Europe

In 2022, overseas purchases of crude petroleum oil increased by 8.2% to X tons, rising for the second year in a row after three years of decline. Overall, imports, however, recorded a relatively flat trend pattern. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, crude oil imports surged to $X in 2022. In general, imports, however, showed a perceptible slump. The most prominent rate of growth was recorded in 2021 when imports increased by 57%. 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), the UK (X tons), France (X tons) and Belgium (X tons) represented the major importers of crude petroleum oil, together generating 75% of total imports. The following importers - Poland (X tons), Greece (X tons), Sweden (X tons), Finland (X tons) and Portugal (X tons) - together made up 14% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Netherlands (with a CAGR of +3.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the Netherlands ($X) and Spain ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 40% of total imports.

Among the main importing countries, Spain, with a CAGR of +0.3%, 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 a decline in the imports figures.

Import Prices by Country

In 2022, the import price in Europe amounted to $X per ton, with an increase of 35% against the previous year. In general, the import price, however, continues to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2021 an increase of 49% 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