Italy: Crude Oil Market 2024

Crude Oil Market Size in Italy

In 2022, the Italian crude oil market increased by 32% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, recorded a slight shrinkage. Crude oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Production in Italy

In value terms, crude oil production expanded modestly to $X in 2022 estimated in export price. In general, production, however, saw a abrupt curtailment. The pace of growth appeared the most rapid in 2018 with an increase of 33% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Crude Oil Exports

Exports from Italy

After two years of growth, shipments abroad of crude petroleum oil decreased by -20% to X tons in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 109% against the previous year. The exports peaked at X tons in 2021, and then contracted significantly in the following year.

In value terms, crude oil exports amounted to $X in 2022. In general, exports continue to indicate a perceptible descent. The growth pace was the most rapid in 2021 with an increase of 98% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Spain (X tons) was the main destination for crude oil exports from Italy, accounting for a 67% share of total exports. Moreover, crude oil exports to Spain exceeded the volume sent to the second major destination, Germany (X tons), sevenfold. The third position in this ranking was held by Turkey (X tons), with a 6.5% share.

From 2012 to 2022, the average annual growth rate of volume to Spain stood at +28.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-11.2% per year) and Turkey (-13.6% per year).

In value terms, Spain ($X) remains the key foreign market for crude petroleum oil exports from Italy, comprising 68% of total exports. The second position in the ranking was taken by Germany ($X), with a 9.6% share of total exports. It was followed by Turkey, with a 7% share.

From 2012 to 2022, the average annual growth rate of value to Spain totaled +27.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-14.5% per year) and Turkey (-16.4% per year).

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, picking up by 31% against the previous year. In general, the export price, however, showed a perceptible decrease. The pace of growth appeared the most rapid in 2018 when the average export price increased by 32%. 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 remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to the United Arab Emirates ($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 (+14.1%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Italy

In 2022, overseas purchases of crude petroleum oil increased by 7.3% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, imports, however, continue to indicate a mild decrease. The growth pace was the most rapid in 2021 when imports increased by 17%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a perceptible shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 84%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Russia (X tons), Azerbaijan (X tons) and Libya (X tons) were the main suppliers of crude oil imports to Italy, with a combined 48% share of total imports. Iraq, the United States, Saudi Arabia, Kazakhstan, Nigeria and Egypt lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +263.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Azerbaijan ($X), Russia ($X) and Libya ($X) appeared to be the largest crude oil suppliers to Italy, together comprising 48% of total imports. Iraq, the United States, Saudi Arabia, Kazakhstan, Nigeria and Egypt lagged somewhat behind, together comprising a further 37%.

In terms of the main suppliers, the United States, with a CAGR of +277.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, increasing by 40% against the previous year. In general, the import price, however, saw a slight descent. The most prominent rate of growth was recorded in 2021 when the average import price increased by 58% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Egypt ($X per ton) and Azerbaijan ($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 the United States (+3.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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