Ireland: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Ireland

The Irish market for processed petroleum oils and distillates expanded to $X in 2022, increasing by 2.8% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Ireland

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt curtailment. The pace of growth was the most pronounced in 2017 when the production volume increased by 14% against the previous year. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Ireland

In 2022, the amount of processed petroleum oils and distillates exported from Ireland soared to X tons, picking up by 16% compared with the previous year. Over the period under review, exports, however, continue to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 31% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. In general, exports, however, saw a pronounced downturn. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X tons) was the main destination for processed petroleum oils and distillates exports from Ireland, accounting for a 55% share of total exports. Moreover, processed petroleum oils and distillates exports to the UK exceeded the volume sent to the second major destination, the United States (X tons), fourfold. Gibraltar (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to the UK stood at -5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+0.8% per year) and Gibraltar (-25.3% per year).

It was followed by Gibraltar, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to the UK stood at -5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-2.3% per year) and Gibraltar (+51.1% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, with an increase of 53% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 87% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 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 France ($X per ton), while the average price for exports to Norway ($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 Gibraltar (+102.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Ireland

In 2022, approx. X tons of processed petroleum oils and distillates were imported into Ireland; waning by -34.1% on the previous year. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 55%. As a result, imports reached the peak of X tons, and then fell markedly in the following year.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. Overall, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 71% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the UK (X tons) constituted the largest supplier of processed petroleum oils and distillates to Ireland, accounting for a 87% share of total imports. Moreover, processed petroleum oils and distillates imports from the UK exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), more than tenfold. Greece (X tons) ranked third in terms of total imports with a 2.1% share.

From 2012 to 2022, the average annual growth rate of volume from the UK totaled +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+11.9% per year) and Greece (+99.0% per year).

In value terms, the UK ($X) constituted the largest supplier of processed petroleum oils and distillates to Ireland, comprising 87% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 5.3% share of total imports. It was followed by Greece, with a 2.5% share.

From 2012 to 2022, the average annual growth rate of value from the UK stood at +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+11.9% per year) and Greece (+94.6% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, growing by 152% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Greece ($X per ton), while the price for Norway ($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 Netherlands (-0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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