Iraq: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Iraq

The Iraqi market for processed petroleum oils and distillates fell to $X in 2022, waning by -9.4% against the previous year. Over the period under review, consumption recorded a perceptible decline. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Iraq

In value terms, processed petroleum oils and distillates production declined modestly to $X in 2022 estimated in export price. In general, production recorded a deep reduction. The pace of growth was the most pronounced in 2017 with an increase of 19%. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Iraq

In 2022, approx. X tons of processed petroleum oils and distillates were exported from Iraq; picking up by 4.5% against the previous year's figure. Over the period under review, exports posted resilient growth. The pace of growth was the most pronounced in 2013 when exports increased by 100% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports expanded slightly to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 15%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), India (X tons) and Turkey (X tons) were the main destinations of processed petroleum oils and distillates exports from Iraq, with a combined 80% share of total exports. Singapore, China and Greece lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the biggest increases were recorded for Greece (with a CAGR of +1,417.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for processed petroleum oils and distillates exported from Iraq were the United States ($X), India ($X) and Turkey ($X), with a combined 76% share of total exports. Singapore, China and Greece lagged somewhat behind, together comprising a further 13%.

Greece, with a CAGR of +1,290.7%, recorded the highest growth rate of the value of exports, among 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

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, approximately mirroring the previous year. Overall, the export price faced a abrupt descent. The pace of growth was the most pronounced in 2015 an increase of 14% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Turkey ($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 Malaysia (-6.2%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Iraq

In 2022, processed petroleum oils and distillates imports into Iraq dropped remarkably to X tons, which is down by -25.8% on 2021 figures. In general, imports, however, posted a resilient expansion. The pace of growth was the most pronounced in 2016 with an increase of 140%. Over the period under review, imports attained the peak figure at X tons in 2021, and then contracted dramatically in the following year.

In value terms, processed petroleum oils and distillates imports fell significantly to $X in 2022. Overall, imports, however, saw a buoyant expansion. The growth pace was the most rapid in 2014 when imports increased by 163% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then contracted markedly in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of processed petroleum oils and distillates to Iraq, with a 55% share of total imports. Moreover, processed petroleum oils and distillates imports from India exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. The third position in this ranking was held by China (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from India totaled +41.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+124.9% per year) and China (+131.6% per year).

In value terms, India ($X) constituted the largest supplier of processed petroleum oils and distillates to Iraq, comprising 51% of total imports. The second position in the ranking was held by China ($X), with a 9.7% share of total imports. It was followed by the Netherlands, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value from India stood at +49.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+127.4% per year) and the Netherlands (+112.0% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, with a decrease of -4% against the previous year. Over the period under review, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, processed petroleum oils and distillates import price increased by +9.3% against 2020 indices. The pace of growth was the most pronounced in 2013 an increase of 88% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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 Turkey ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+18.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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