Greece: Crude Oil Market 2025

Crude Oil Market Size in Greece

In 2022, the Greek crude oil market increased by 26% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. Crude oil consumption peaked at $X in 2012; afterwards, it flattened through to 2022.

Crude Oil Exports

Exports from Greece

In 2022, the amount of crude petroleum oil exported from Greece dropped notably to X tons, which is down by -99.9% against the previous year. Over the period under review, exports continue to indicate a significant curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 1,263% against the previous year. As a result, the exports reached the peak of X tons, and then reduced sharply in the following year.

In value terms, crude oil exports reduced rapidly to $X in 2022. Overall, exports faced a deep setback. The pace of growth appeared the most rapid in 2021 when exports increased by 2,068% against the previous year. As a result, the exports reached the peak of $X, and then reduced remarkably in the following year.

Exports by Country

Cyprus (X tons) was the main destination for crude oil exports from Greece, accounting for a 100% share of total exports. It was followed by Bulgaria (X tons), with a 0.2% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Cyprus was relatively modest.

In value terms, Cyprus ($X) emerged as the key foreign market for crude petroleum oil exports from Greece, comprising 99.9% of total exports. The second position in the ranking was taken by Bulgaria ($X), with less than 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Cyprus was relatively modest.

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, surging by 1,184% against the previous year. In general, the export price enjoyed a significant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Cyprus ($X per ton), while the average price for exports to Bulgaria stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bulgaria (+6.4%).

Crude Oil Imports

Imports into Greece

In 2022, the amount of crude petroleum oil imported into Greece reduced to X tons, waning by -6.4% on the previous year. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 7.5%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, crude oil imports soared to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 67% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Iraq (X tons) constituted the largest crude oil supplier to Greece, with a 48% share of total imports. Moreover, crude oil imports from Iraq exceeded the figures recorded by the second-largest supplier, Kazakhstan (X tons), threefold. Libya (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Iraq stood at +13.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Kazakhstan (+6.2% per year) and Libya (+2.6% per year).

In value terms, Iraq ($X) constituted the largest supplier of crude petroleum oil to Greece, comprising 44% of total imports. The second position in the ranking was held by Kazakhstan ($X), with a 17% share of total imports. It was followed by Libya, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Iraq stood at +11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Kazakhstan (+5.2% per year) and Libya (+1.5% per year).

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, rising by 43% against the previous year. In general, the import price, however, saw a slight shrinkage. The pace of growth was the most pronounced in 2021 an increase of 59% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Azerbaijan ($X per ton) and Egypt ($X per ton), while the price for Russia ($X per ton) and Iraq ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Azerbaijan (-0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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