Greece: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Greece

In 2022, the Greek market for processed petroleum oils and distillates increased by 27% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Processed petroleum oils and distillates consumption peaked in 2022 and is likely to continue growth in the immediate term.

Production of Processed Petroleum Oils and Distillates in Greece

In value terms, processed petroleum oils and distillates production fell to $X in 2022 estimated in export price. In general, production recorded a pronounced reduction. The pace of growth was the most pronounced in 2018 with an increase of 16%. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Greece

In 2022, exports of processed petroleum oils and distillates from Greece reduced to X tons, which is down by -9.9% against the year before. In general, total exports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by 18% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports surged to $X in 2022. Over the period under review, exports, however, posted a pronounced increase. The pace of growth appeared the most rapid in 2021 when exports increased by 74% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Libya (X tons), Gibraltar (X tons) and Lebanon (X tons) were the main destinations of processed petroleum oils and distillates exports from Greece, with a combined 28% share of total exports. North Macedonia, Italy, Turkey, South Korea, Cyprus, Spain, Malta, the UK, Saudi Arabia and Tunisia lagged somewhat behind, together accounting for a further 42%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +34.2%), while the other leaders experienced more modest paces of growth.

In value terms, Libya ($X), Lebanon ($X) and Gibraltar ($X) were the largest markets for processed petroleum oils and distillates exported from Greece worldwide, with a combined 27% share of total exports. Turkey, North Macedonia, Italy, Cyprus, the UK, Spain, South Korea, Malta, Tunisia and Saudi Arabia lagged somewhat behind, together comprising a further 42%.

The UK, with a CAGR of +36.2%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, with an increase of 58% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 61% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Saudi Arabia ($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 Malta (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Greece

In 2022, the amount of processed petroleum oils and distillates imported into Greece soared to X tons, picking up by 48% on the previous year's figure. In general, imports enjoyed strong growth. The pace of growth was the most pronounced in 2021 with an increase of 67% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. Overall, imports enjoyed a perceptible increase. The pace of growth appeared the most rapid in 2017 when imports increased by 67%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Italy (X tons), Spain (X tons) and Turkey (X tons) were the main suppliers of processed petroleum oils and distillates imports to Greece, together comprising 61% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +58.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Turkey ($X) and France ($X) were the largest processed petroleum oils and distillates suppliers to Greece, together comprising 58% of total imports. Spain, China, Egypt and the Netherlands lagged somewhat behind, together accounting for a further 29%.

Spain, with a CAGR of +40.6%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the import price continues to indicate a abrupt downturn. The growth pace was the most rapid in 2018 when the average import price increased by 41% against the previous year. Over the period under review, average import prices reached the peak figure 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 supplying countries. In 2022, amid the top importers, the country with the highest price was Egypt ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (-6.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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