MENA: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in MENA

The MENA's market for processed petroleum oils and distillates was estimated at $X in 2022, picking up by 2.3% against the previous year. Over the period under review, consumption, however, recorded a mild curtailment. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in MENA

In value terms, processed petroleum oils and distillates production declined to $X in 2022 estimated in export price. Overall, production continues to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2017 with an increase of 13% 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.

Exports of Processed Petroleum Oils and Distillates

Exports in MENA

In 2022, approx. X tons of processed petroleum oils and distillates were exported in MENA; dropping by -20.4% compared with the year before. Over the period under review, exports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2021 when exports increased by 72%. As a result, the exports attained the peak of X tons, and then reduced remarkably in the following year.

In value terms, processed petroleum oils and distillates exports dropped sharply to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 96%. As a result, the exports reached the peak of $X, and then fell remarkably in the following year.

Exports by Country

The United Arab Emirates was the main exporting country with an export of around X tons, which amounted to 46% of total exports. It was distantly followed by Saudi Arabia (X tons), Qatar (X tons), Turkey (X tons), Algeria (X tons) and Syrian Arab Republic (X tons), together making up a 49% share of total exports. Egypt (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Syrian Arab Republic (with a CAGR of +21.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Turkey ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 75% of total exports. Qatar, Syrian Arab Republic, Algeria and Egypt lagged somewhat behind, together comprising a further 21%.

Syrian Arab Republic, with a CAGR of +13.3%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, rising by 4.8% against the previous year. In general, the export price, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2018 an increase of 26%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 Turkey ($X per ton), while Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+0.4%), while the other leaders experienced a decline in the export price figures.

Imports of Processed Petroleum Oils and Distillates

Imports in MENA

In 2022, supplies from abroad of processed petroleum oils and distillates increased by 13% to X tons, rising for the second consecutive year after four years of decline. Over the period under review, imports saw a resilient expansion. The pace of growth appeared the most rapid in 2021 with an increase of 81%. The volume of import peaked in 2022 and is likely to continue growth in years to come.

In value terms, processed petroleum oils and distillates imports totaled $X in 2022. Total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +114.0% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 86% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

The purchases of the four major importers of processed petroleum oils and distillates, namely Turkey, the United Arab Emirates, Egypt and Morocco, represented more than half of total import. Saudi Arabia (X tons) ranks next in terms of the total imports with a 7.8% share, followed by Iraq (4.8%). Israel (X tons), Lebanon (X tons), Oman (X tons), Libya (X tons), Algeria (X tons), Tunisia (X tons) and Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Bahrain (with a CAGR of +35.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates importing markets in MENA were Turkey ($X), Egypt ($X) and Saudi Arabia ($X), together accounting for 47% of total imports. The United Arab Emirates, Israel, Morocco, Iraq, Lebanon, Algeria, Libya, Oman, Tunisia and Bahrain lagged somewhat behind, together comprising a further 46%.

Among the main importing countries, Iraq, with a CAGR of +17.9%, saw the highest rates of growth with regard to 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

In 2022, the import price in MENA amounted to $X per ton, remaining stable against the previous year. In general, the import price, however, recorded a abrupt slump. The pace of growth was the most pronounced in 2018 an increase of 25%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Israel ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform