Middle East: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in the Middle East

The Middle Eastern market for processed petroleum oils and distillates amounted to $X in 2022, flattening at the previous year. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in the Middle East

In value terms, processed petroleum oils and distillates production declined to $X in 2022 estimated in export price. Over the period under review, production showed a mild decline. The most prominent rate of growth was recorded in 2017 when the production volume increased by 15% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports in the Middle East

In 2022, the amount of processed petroleum oils and distillates exported in the Middle East contracted notably to X tons, reducing by -21.1% compared with the previous year. Over the period under review, exports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 76% against the previous year. As a result, the exports attained the peak of X tons, and then shrank sharply in the following year.

In value terms, processed petroleum oils and distillates exports reduced dramatically to $X in 2022. Total exports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +66.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 100%. As a result, the exports reached the peak of $X, and then reduced remarkably in the following year.

Exports by Country

The United Arab Emirates was the key exporting country with an export of around X tons, which accounted for 50% of total exports. Saudi Arabia (X tons) took a 25% share (based on physical terms) of total exports, which put it in second place, followed by Qatar (8.9%), Turkey (7.9%) and Syrian Arab Republic (5.4%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Syrian Arab Republic (with a CAGR of +21.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates supplying countries in the Middle East were the United Arab Emirates ($X), Saudi Arabia ($X) and Turkey ($X), with a combined 81% share of total exports. Qatar and Syrian Arab Republic lagged somewhat behind, together comprising a further 16%.

Syrian Arab Republic, with a CAGR of +13.3%, saw the highest growth rate of the value of exports, among 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 the Middle East amounted to $X per ton, with an increase of 5.8% against the previous year. Overall, the export price, however, recorded a deep slump. The most prominent rate of growth was recorded in 2018 an increase of 26% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a 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 ($X per ton), while the United Arab Emirates ($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 the Middle East

In 2022, supplies from abroad of processed petroleum oils and distillates increased by 3% to X tons, rising for the second consecutive year after four years of decline. Total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.4% 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 +85.0% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 80%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, processed petroleum oils and distillates imports totaled $X in 2022. Total imports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.4% 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 +87.1% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 75% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in years to come.

Imports by Country

In 2022, Turkey (X tons) and the United Arab Emirates (X tons) represented the key importers of processed petroleum oils and distillates in the Middle East, together making up 57% of total imports. Saudi Arabia (X tons) ranks next in terms of the total imports with a 12% share, followed by Iraq (7.2%), Israel (6.1%) and Lebanon (5.9%). Oman (X tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +11.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Saudi Arabia ($X) and the United Arab Emirates ($X) were the countries with the highest levels of imports in 2022, with a combined 63% share of total imports. Israel, Iraq, Lebanon and Oman lagged somewhat behind, together comprising a further 27%.

Iraq, with a CAGR of +17.9%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, surging by 3.6% against the previous year. Over the period under review, the import price, however, recorded a perceptible downturn. The pace of growth appeared the most rapid in 2018 an increase of 26% against the previous year. 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 ($X per ton), while Oman ($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

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