Middle East: Crude Oil Market 2025

Crude Oil Market Size in the Middle East

In 2022, the Middle Eastern crude oil market increased by 11% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, showed a noticeable curtailment. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Crude Oil Production in the Middle East

In value terms, crude oil production shrank to $X in 2022 estimated in export price. Overall, production continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2018 when the production volume increased by 18%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Crude Oil Exports

Exports in the Middle East

Crude oil exports shrank to X tons in 2022, declining by -13% compared with the year before. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 20% against the previous year. The volume of export peaked at X tons in 2021, and then declined in the following year.

In value terms, crude oil exports dropped significantly to $X in 2022. In general, exports saw a abrupt slump. The pace of growth was the most pronounced in 2018 with an increase of 34% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Saudi Arabia represented the main exporting country with an export of around X tons, which accounted for 40% of total exports. It was distantly followed by Iraq (X tons), the United Arab Emirates (X tons), Kuwait (X tons) and Oman (X tons), together mixing up a 57% share of total exports. Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Qatar (with a CAGR of +3.9%), while the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) remains the largest crude oil supplier in the Middle East, comprising 40% of total exports. The second position in the ranking was held by Iraq ($X), with a 19% share of total exports. It was followed by the United Arab Emirates, with a 15% 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 the Middle East amounted to $X per ton, declining by -6.3% against the previous year. In general, the export price recorded a abrupt descent. The growth pace was the most rapid in 2018 an increase of 31% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 the Middle East

In 2022, overseas purchases of crude petroleum oil decreased by -22.9% to X tons, falling for the second consecutive year after four years of growth. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 18%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil imports surged to $X in 2022. In general, imports saw a mild downturn. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Israel was the largest importer of crude petroleum oil in the Middle East, with the volume of imports finishing at X tons, which was near 59% of total imports in 2022. Bahrain (X tons) took a 33% share (based on physical terms) of total imports, which put it in second place, followed by Jordan (5.6%).

From 2012 to 2022, the biggest increases were recorded for Israel (with a CAGR of +13.6%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, Israel ($X) constitutes the largest market for imported crude petroleum oil in the Middle East, comprising 67% of total imports. The second position in the ranking was taken by Bahrain ($X), with a 25% share of total imports.

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: Bahrain (-7.6% per year) and Jordan (-10.0% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, growing by 198% against the previous year. Over the period under review, the import price, however, recorded a slight contraction. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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 Jordan (-1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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