GCC: Crude Oil Market 2024

Crude Oil Market Size in GCC

The GCC crude oil market declined to $X in 2022, falling by -9.6% against the previous year. In general, consumption recorded a perceptible descent. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Crude Oil Production in GCC

In value terms, crude oil production declined to $X in 2022 estimated in export price. Over the period under review, production recorded a pronounced decline. The growth pace was the most rapid in 2018 when the production volume increased by 20% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Oil Exports

Exports in GCC

In 2022, shipments abroad of crude petroleum oil decreased by -4.3% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 15% against the previous year. The volume of export peaked at X tons in 2021, and then declined modestly in the following year.

In value terms, crude oil exports declined to $X in 2022. Over the period under review, exports recorded a drastic downturn. The pace of growth was the most pronounced in 2018 when exports increased by 36% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Saudi Arabia (X tons) was the key exporter of crude petroleum oil, mixing up 50% of total exports. The United Arab Emirates (X tons) held the second position in the ranking, followed by Kuwait (X tons) and Oman (X tons). All these countries together took near 46% share of total exports. Qatar (X tons) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude oil exports from Saudi Arabia stood at -1.2%. At the same time, Qatar (+3.9%), Oman (+3.3%) and Kuwait (+1.5%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing exporter exported in GCC, with a CAGR of +3.9% from 2012-2022. The United Arab Emirates experienced a relatively flat trend pattern. Qatar (+3.7 p.p.), Oman (+2.1 p.p.) and Kuwait (+2 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -8.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest crude oil supplier in GCC, comprising 50% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 19% share of total exports. It was followed by Kuwait, with a 16% share.

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia amounted to -8.7%. In the other countries, the average annual rates were as follows: the United Arab Emirates (-7.4% per year) and Kuwait (-7.3% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, falling by -2.1% against the previous year. Overall, the export price saw a abrupt setback. The most prominent rate of growth was recorded in 2018 an increase of 38%. Over the period under review, the export prices reached the peak figure 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 Qatar ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+54.7%), while the other leaders experienced a decline in the export price figures.

Crude Oil Imports

Imports in GCC

In 2022, overseas purchases of crude petroleum oil decreased by -7.6% to X tons, falling for the fourth year in a row after two years of growth. In general, imports continue to indicate a perceptible decrease. The pace of growth appeared the most rapid in 2017 with an increase of 21%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil imports reduced to $X in 2022. Overall, imports showed a deep contraction. The pace of growth was the most pronounced in 2017 with an increase of 46% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Bahrain prevails in imports structure, amounting to X tons, which was approx. 95% of total imports in 2022. Oman (X tons) and the United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to crude oil imports into Bahrain stood at -4.1%. At the same time, Oman (+56.8%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +56.8% from 2012-2022. By contrast, the United Arab Emirates (-3.5%) illustrated a downward trend over the same period. While the share of Oman (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Bahrain (-1.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Bahrain ($X) constitutes the largest market for imported crude petroleum oil in GCC, comprising 92% of total imports. The second position in the ranking was taken by Oman ($X), with a 3.4% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Bahrain totaled -7.6%. The remaining importing countries recorded the following average annual rates of imports growth: Oman (+42.6% per year) and the United Arab Emirates (-10.7% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, remaining constant against the previous year. Overall, the import price continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2018 when the import price increased by 27%. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (-3.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform