Iraq: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Iraq

In 2022, the Iraqi market for petroleum lubricating oil and grease increased by X% to $X, rising for the second consecutive year after three years of decline. Overall, the total consumption indicated a strong expansion from 2012 to 2022: its value 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, consumption increased by X% against 2020 indices. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Production of Petroleum Lubricating Oil And Grease in Iraq

In value terms, petroleum lubricating oil and grease production reduced modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated strong growth from 2012 to 2022: its value 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, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Exports of Petroleum Lubricating Oil And Grease

Exports from Iraq

Petroleum lubricating oil and grease exports from Iraq contracted slightly to X tons in 2022, remaining stable against the year before. Overall, exports showed a deep slump. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, petroleum lubricating oil and grease exports contracted slightly to $X in 2022. Over the period under review, exports saw a precipitous contraction. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Iran (X tons) was the main destination for petroleum lubricating oil and grease exports from Iraq, accounting for a X% share of total exports. Moreover, petroleum lubricating oil and grease exports to Iran exceeded the volume sent to the second major destination, Lebanon (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Iran amounted to X%.

In value terms, Iran ($X) remains the key foreign market for petroleum lubricating oil and grease exports from Iraq, comprising X% of total exports. The second position in the ranking was taken by Lebanon ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Iran amounted to X%.

Export Prices by Country

The average export price for petroleum lubricating oil and grease stood at $X per ton in 2022, falling by X% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iran (X%), while the prices for the other major destinations experienced a decline.

Imports of Petroleum Lubricating Oil And Grease

Imports into Iraq

In 2022, the amount of petroleum lubricating oil and grease imported into Iraq surged to X tons, rising by X% compared with the year before. In general, imports recorded prominent growth. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, petroleum lubricating oil and grease imports soared to $X in 2022. Over the period under review, imports posted a resilient expansion. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Germany (X tons) and France (X tons) were the main suppliers of petroleum lubricating oil and grease imports to Iraq, together accounting for X% of total imports. Turkey, the United Arab Emirates, the United States, Saudi Arabia, Spain, Jordan, Belgium, Russia, the Netherlands and Lithuania lagged somewhat behind, together accounting for a further X%.

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 X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum lubricating oil and grease suppliers to Iraq were Germany ($X), China ($X) and the United Arab Emirates ($X), together accounting for X% of total imports. The United States, France, Turkey, Belgium, Saudi Arabia, Spain, Jordan, the Netherlands, Lithuania and Russia lagged somewhat behind, together comprising a further X%.

The Netherlands, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for petroleum lubricating oil and grease stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2016 when the average import price increased by X%. The import price peaked at $X per ton in 2014; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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