Report Update Nov 1, 2024

Kuwait - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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Kuwait: Crude Oil Market 2024

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) :

What are the largest markets for crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, China and Russia, with a combined 45% share of global consumption. India, Saudi Arabia, South Korea, Japan, Brazil, Canada, Israel, Germany, the Netherlands and Thailand lagged somewhat behind, together accounting for a further 28%.

What are the largest producers of crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, Russia and Saudi Arabia, together comprising 42% of global production.

What are the leading suppliers of crude petroleum oil to Kuwait?

In value terms, Egypt constituted the largest supplier of crude oil to Kuwait.

What are the leading importers of crude petroleum oil from Kuwait?

In value terms, India, Japan and Egypt appeared to be the largest markets for crude oil exported from Kuwait worldwide, with a combined 93% share of total exports. The United States and Pakistan lagged somewhat behind, together accounting for a further 6%.

What is the average export price for crude petroleum oil in Kuwait?

The average crude oil export price stood at $360 per ton in 2021, increasing by 11% against the previous year.

What is the average import price for crude petroleum oil in Kuwait?

The average crude oil import price stood at $309 per ton in 2015, remaining stable against the previous year.

This report provides an in-depth analysis of the crude oil market in Kuwait. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Kuwait

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Kuwait
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023