Report Update Nov 1, 2024

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

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Finland: Crude Oil Market 2024

Crude Oil Market Size in Finland

In 2022, the Finnish crude oil market increased by 65% to $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Crude oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Exports

Exports from Finland

For the sixth year in a row, Finland recorded decline in overseas shipments of crude petroleum oil, which decreased by -99.8% to X kg in 2022. In general, exports saw a precipitous curtailment. The most prominent rate of growth was recorded in 2013 when exports increased by 99% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude oil exports shrank remarkably to $X in 2022. Over the period under review, exports continue to indicate a precipitous curtailment. The pace of growth was the most pronounced in 2013 when exports increased by 96%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Russia (X kg), New Zealand (X kg) and the United States (X kg) were the main destinations of crude oil exports from Finland, with a combined 97% share of total exports. Moreover, crude oil exports in Russia exceeded the figures recorded by the second-largest exporter, New Zealand, twofold.

From 2012 to 2022, the biggest increases were recorded for New Zealand (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crude oil exported from Finland were New Zealand ($X), Russia ($X) and the United States ($X), with a combined 100% share of total exports.

Among the main countries of destination, New Zealand, with a CAGR of 0.0%, saw the highest growth rate of 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 average crude oil export price stood at $X per ton in 2022, jumping by 3,776% against the previous year. Over the period under review, the export price continues to indicate significant growth. 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 New Zealand ($X per ton), while the average price for exports to the UK ($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 Estonia (+29.6%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Finland

In 2022, purchases abroad of crude petroleum oil increased by 52% to X tons for the first time since 2018, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, crude oil imports surged to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Norway (X tons) constituted the largest crude oil supplier to Finland, with a 75% share of total imports. Moreover, crude oil imports from Norway exceeded the figures recorded by the second-largest supplier, Russia (X tons), fivefold. The UK (X tons) ranked third in terms of total imports with a 6.8% share.

From 2012 to 2022, the average annual growth rate of volume from Norway stood at +21.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (-12.7% per year) and the UK (+392.9% per year).

In value terms, Norway ($X) constituted the largest supplier of crude petroleum oil to Finland, comprising 70% of total imports. The second position in the ranking was held by Russia ($X), with a 14% share of total imports. It was followed by the UK, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Norway stood at +15.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (-16.7% per year) and the UK (+386.3% per year).

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, increasing by 14% against the previous year. In general, the import price, however, saw a noticeable shrinkage. The growth pace was the most rapid in 2021 when the average import price increased by 66% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the UK ($X per ton) and Denmark ($X per ton), while the price for Russia ($X per ton) and Norway ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (-1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, China and Russia, together accounting for 45% of global consumption. India, Saudi Arabia, South Korea, Japan, Brazil, Canada, Israel, Germany, the Netherlands and Thailand lagged somewhat behind, together comprising a further 28%.

What are the largest producers of crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, Russia and Saudi Arabia, together accounting for 42% of global production.

What are the leading suppliers of crude petroleum oil to Finland?

In value terms, Russia constituted the largest supplier of crude oil to Finland, comprising 80% of total imports. The second position in the ranking was occupied by Norway, with an 18% share of total imports.

What is the average export price for crude petroleum oil in Finland?

The average crude oil export price stood at $64 per ton in 2021, surging by 11% against the previous year.

What is the average import price for crude petroleum oil in Finland?

In 2021, the average crude oil import price amounted to $506 per ton, rising by 68% against the previous year.

This report provides an in-depth analysis of the crude oil market in Finland. 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:

Finland

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Finland
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