Libya: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Libya

In 2022, the Libyan market for processed petroleum oils and distillates was finally on the rise to reach $X after three years of decline. Overall, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Libya

In value terms, processed petroleum oils and distillates production shrank to $X in 2022 estimated in export price. In general, production faced a abrupt curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 19% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Libya

Processed petroleum oils and distillates exports from Libya declined to X tons in 2022, shrinking by -8.4% against 2021. Overall, exports showed a abrupt descent. The most prominent rate of growth was recorded in 2021 when exports increased by 20% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports declined significantly to $X in 2022. Over the period under review, exports faced a abrupt curtailment. The pace of growth was the most pronounced in 2021 with an increase of 973% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Italy (X tons), Spain (X tons) and Singapore (X tons) were the main destinations of processed petroleum oils and distillates exports from Libya, together comprising 33% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +13.3%), while the other leaders experienced a decline.

In value terms, the largest markets for processed petroleum oils and distillates exported from Libya were Italy ($X), Spain ($X) and Singapore ($X), with a combined 35% share of total exports.

Among the main countries of destination, Singapore, with a CAGR of +5.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, declining by -40.4% against the previous year. In general, the export price showed a noticeable descent. The most prominent rate of growth was recorded in 2021 an increase of 794%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat 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 Spain ($X per ton), while the average price for exports to the United States ($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 France (-3.8%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Libya

In 2022, processed petroleum oils and distillates imports into Libya amounted to X tons, growing by 6.3% against the previous year's figure. In general, total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -5.6% against 2020 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 29% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, processed petroleum oils and distillates imports shrank slightly to $X in 2022. Overall, imports enjoyed strong growth. The pace of growth was the most pronounced in 2014 when imports increased by 68% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Greece (X tons), Italy (X tons) and Belgium (X tons) were the main suppliers of processed petroleum oils and distillates imports to Libya, together comprising 43% of total imports. Spain, Bulgaria, Romania, the Netherlands, Azerbaijan and Malta lagged somewhat behind, together comprising a further 5.8%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Romania (with a CAGR of +200.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Greece ($X), Italy ($X) and Belgium ($X) appeared to be the largest processed petroleum oils and distillates suppliers to Libya, with a combined 43% share of total imports. Spain, Bulgaria, the Netherlands, Romania, Azerbaijan and Malta lagged somewhat behind, together accounting for a further 5.5%.

Among the main suppliers, Romania, with a CAGR of +189.4%, recorded 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 import price for processed petroleum oils and distillates stood at $X per ton in 2022, reducing by -9.6% against the previous year. Overall, the import price, however, posted noticeable growth. The most prominent rate of growth was recorded in 2014 an increase of 117% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malta (+29.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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