Kuwait: Crude Oil Market 2025

Crude Oil Market Size in Kuwait

In 2022, the Kuwaiti crude oil market decreased by -32.4% to $X, falling for the third consecutive year after two years of growth. Overall, consumption showed a deep contraction. Crude oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Production in Kuwait

In value terms, crude oil production dropped to $X in 2022 estimated in export price. Overall, production showed a deep contraction. The growth pace was the most rapid in 2018 with an increase of 17% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Crude Oil Exports

Exports from Kuwait

In 2022, exports of crude petroleum oil from Kuwait shrank significantly to X tons, which is down by -15.7% compared with 2021. The total export volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 46% against the previous year. As a result, the exports reached the peak of X tons, and then contracted notably in the following year.

In value terms, crude oil exports fell dramatically to $X in 2022. Overall, exports continue to indicate a abrupt slump. The growth pace was the most rapid in 2021 when exports increased by 46%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for crude oil exports from Kuwait, accounting for a 38% share of total exports. Moreover, crude oil exports to China exceeded the volume sent to the second major destination, South Korea (X tons), twofold. The third position in this ranking was held by India (X tons), with a 15% share.

From 2012 to 2022, the average annual growth rate of volume to China totaled +15.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-0.1% per year) and India (-1.3% per year).

In value terms, China ($X) remains the key foreign market for crude petroleum oil exports from Kuwait, comprising 39% of total exports. The second position in the ranking was held by South Korea ($X), with a 17% share of total exports. It was followed by India, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-8.6% per year) and India (-9.8% per year).

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, standing approx. at the previous year. Over the period under review, the export price recorded a abrupt decline. The most prominent rate of growth was recorded in 2018 when the average export price increased by 34% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Japan ($X per ton) and South Korea ($X per ton), while the average price for exports to the United States ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (-8.5%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Kuwait

In 2022, crude oil imports into Kuwait totaled X kg, remaining constant against 2021 figures. Overall, imports continue to indicate a precipitous decline. The smallest decline of 99.9% was in 2016. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, crude oil imports totaled $X in 2022. In general, imports recorded a sharp descent. The smallest decline of 99.9% was in 2016. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Singapore (X kg) was the main crude oil supplier to Kuwait, with a approx. 99% share of total imports.

From 2015 to 2022, the average annual growth rate of volume from Singapore was relatively modest.

In value terms, Singapore ($X) constituted the largest supplier of crude petroleum oil to Kuwait.

From 2015 to 2022, the average annual growth rate of value from Singapore was relatively modest.

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the import price posted a significant increase. The pace of growth appeared the most rapid in 2016 a decrease of 99.9%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

As there is only one major supplying country, the average price level is determined by prices for Singapore.

From 2015 to 2022, the rate of growth in terms of prices for Egypt amounted to 0.0% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :