GCC: Market for Petroleum Lubricating Oil And Grease 2025

Market Size for Petroleum Lubricating Oil And Grease in GCC

The GCC market for petroleum lubricating oil and grease soared to $X in 2022, jumping by X% against the previous year. Over the period under review, consumption recorded a prominent expansion. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Petroleum Lubricating Oil And Grease in GCC

In value terms, petroleum lubricating oil and grease production rose sharply to $X in 2022 estimated in export price. Overall, production saw a prominent expansion. The growth pace was the most rapid in 2018 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Petroleum Lubricating Oil And Grease

Exports in GCC

In 2022, approx. X tons of petroleum lubricating oil and grease were exported in GCC; reducing by X% compared with the previous year. In general, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, petroleum lubricating oil and grease exports reached $X in 2022. Over the period under review, exports showed a abrupt slump. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates dominates exports structure, resulting at X tons, which was approx. X% of total exports in 2022. It was distantly followed by Kuwait (X tons), comprising a X% share of total exports. Saudi Arabia (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to petroleum lubricating oil and grease exports from the United Arab Emirates stood at X%. At the same time, Kuwait (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2022. By contrast, Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) and Kuwait (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (X p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest petroleum lubricating oil and grease supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total exports.

In the United Arab Emirates, petroleum lubricating oil and grease exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Kuwait (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, with an increase of X% against the previous year. Export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, petroleum lubricating oil and grease export price decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices remained at a lower figure.

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 Saudi Arabia ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Petroleum Lubricating Oil And Grease

Imports in GCC

In 2022, the amount of petroleum lubricating oil and grease imported in GCC reduced dramatically to X tons, with a decrease of X% on the previous year. In general, imports recorded a pronounced slump. The growth pace was the most rapid in 2014 when imports increased by X%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, petroleum lubricating oil and grease imports reduced to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates was the main importing country with an import of around X tons, which resulted at X% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with a X% share, followed by Kuwait (X%), Oman (X%) and Qatar (X%). Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Kuwait (with a CAGR of X%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising X% of total imports.

Among the main importing countries, Oman, with a CAGR of X%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, growing by X% against the previous year. Import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, petroleum lubricating oil and grease import price increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2016 when the import price increased by X%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Qatar ($X per ton) and Oman ($X per ton), while Kuwait ($X per ton) and Bahrain ($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 United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform