MENA: Crude Oil Market 2024

Crude Oil Market Size in MENA

In 2022, the MENA's crude oil market increased by 9.3% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, recorded a pronounced slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Production in MENA

In value terms, crude oil production dropped to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable contraction. The growth pace was the most rapid in 2018 when the production volume increased by 19% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Oil Exports

Exports in MENA

In 2022, the amount of crude petroleum oil exported in MENA declined to X tons, waning by -14% compared with the previous year's figure. Overall, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 when exports increased by 23% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank in the following year.

In value terms, crude oil exports shrank rapidly to $X in 2022. In general, exports continue to indicate a abrupt setback. The pace of growth was the most pronounced in 2018 with an increase of 35% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia represented the largest exporting country with an export of about X tons, which finished at 35% of total exports. It was distantly followed by Iraq (X tons), the United Arab Emirates (X tons), Kuwait (X tons), Libya (X tons) and Oman (X tons), together making up a 58% share of total exports. Qatar (X tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Libya (with a CAGR of +9.0%), while the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) remains the largest crude oil supplier in MENA, comprising 34% of total exports. The second position in the ranking was held by Iraq ($X), with a 16% share of total exports. It was followed by the United Arab Emirates, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia stood at -8.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Iraq (-4.2% per year) and the United Arab Emirates (-7.4% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, dropping by -5.8% against the previous year. Over the period under review, the export price continues to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 an increase of 30%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+54.7%), while the other leaders experienced a decline in the export price figures.

Crude Oil Imports

Imports in MENA

In 2022, approx. X tons of crude petroleum oil were imported in MENA; waning by -24.5% on 2021. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 15% against the previous year. The volume of import peaked at X tons in 2021, and then reduced sharply in the following year.

In value terms, crude oil imports skyrocketed to $X in 2022. Overall, imports continue to indicate a noticeable setback. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Israel represented the major importing country with an import of about X tons, which reached 45% of total imports. Bahrain (X tons) took a 25% share (based on physical terms) of total imports, which put it in second place, followed by Egypt (20%). The following importers - Jordan (X tons) and Tunisia (X tons) - each resulted at an 8.2% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Israel (with a CAGR of +13.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Israel ($X) constitutes the largest market for imported crude petroleum oil in MENA, comprising 50% of total imports. The second position in the ranking was taken by Egypt ($X), with a 22% share of total imports. It was followed by Bahrain, with a 19% share.

In Israel, crude oil imports expanded at an average annual rate of +11.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Egypt (+4.1% per year) and Bahrain (-7.6% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, rising by 140% against the previous year. In general, the import price, however, saw a slight slump. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Jordan ($X per ton), while Tunisia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+3.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform