Report Update Nov 1, 2024

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

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Hungary: Crude Oil Market 2024

Crude Oil Market Size in Hungary

In 2022, the Hungarian crude oil market increased by 10% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, recorded a perceptible reduction. 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 Hungary

In 2022, shipments abroad of crude petroleum oil decreased by -0.6% to X tons, falling for the third year in a row after two years of growth. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 66%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, crude oil exports fell slightly to $X in 2022. In general, exports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 170% against the previous year. As a result, the exports attained the peak of $X, and then contracted modestly in the following year.

Exports by Country

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

From 2012 to 2022, the average annual rate of growth in terms of volume to Slovakia stood at +2.2%.

In value terms, Slovakia ($X) remains the key foreign market for crude petroleum oil exports from Hungary, comprising 100% of total exports. The second position in the ranking was held by Serbia ($X), with a 0.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Slovakia stood at +9.5%.

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, declining by -1.7% against the previous year. In general, the export price, however, enjoyed resilient growth. The growth pace was the most rapid in 2021 when the average export price increased by 230% against the previous year. As a result, the export price attained the peak level of $X per ton, and then reduced slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while the average price for exports to Serbia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Slovakia (+7.1%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Oil Imports

Imports into Hungary

In 2022, supplies from abroad of crude petroleum oil increased by 0.8% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 29% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, crude oil imports reached $X in 2022. In general, imports, however, showed a perceptible reduction. The growth pace was the most rapid in 2021 with an increase of 70% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Russia (X tons) constituted the largest crude oil supplier to Hungary, with a 89% share of total imports. Moreover, crude oil imports from Russia exceeded the figures recorded by the second-largest supplier, Kazakhstan (X tons), more than tenfold. The third position in this ranking was held by Croatia (X tons), with a 2.9% share.

From 2012 to 2022, the average annual growth rate of volume from Russia totaled -1.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Kazakhstan (+10.9% per year) and Croatia (+10.2% per year).

In value terms, Russia ($X) constituted the largest supplier of crude petroleum oil to Hungary, comprising 86% of total imports. The second position in the ranking was held by Kazakhstan ($X), with a 7.2% share of total imports. It was followed by Croatia, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia totaled -4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Kazakhstan (+26.2% per year) and Croatia (+26.3% per year).

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, with an increase of 9.2% against the previous year. In general, the import price, however, showed a perceptible decline. The most prominent rate of growth was recorded in 2021 an increase of 57% against the previous year. The import price peaked 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 Croatia ($X per ton) and Saudi Arabia ($X per ton), while the price for Russia ($X per ton) and Kazakhstan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Croatia (+14.7%), while the prices for the other major suppliers experienced more modest paces of growth.

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 accounting for 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, with a combined 42% share of global production.

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

In value terms, the largest crude oil suppliers to Hungary were Russia, Croatia and Kazakhstan, with a combined 99% share of total imports.

What are the leading importers of crude petroleum oil from Hungary?

In value terms, Slovakia remains the key foreign market for crude oil exports from Hungary, comprising 76% of total exports. The second position in the ranking was occupied by Croatia, with a 24% share of total exports.

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

The average crude oil export price stood at $118 per ton in 2021, growing by 11% against the previous year.

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

The average crude oil import price stood at $513 per ton in 2021, jumping by 58% against the previous year.

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

Hungary

Data coverage:

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