Morocco: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Morocco

In 2022, the Moroccan market for processed petroleum oils and distillates increased by 71% to $X, rising for the second consecutive year after two years of decline. In general, consumption recorded a perceptible increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Processed Petroleum Oils and Distillates in Morocco

In value terms, processed petroleum oils and distillates production stood at $X in 2022 estimated in export price. Over the period under review, production recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2020 when the production volume increased by 5.5%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Morocco

In 2022, overseas shipments of processed petroleum oils and distillates increased by 46% to X tons, rising for the second year in a row after seven years of decline. Overall, exports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2021 with an increase of 147% against the previous year. Over the period under review, the exports attained the maximum 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 soared to $X in 2022. Over the period under review, exports, however, showed a noticeable descent. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Senegal (X tons), Ghana (X tons) and Spain (X tons) were the main destinations of processed petroleum oils and distillates exports from Morocco, together accounting for 8.2% of total exports. Burkina Faso, Mauritania, Cote d'Ivoire, Guinea, Togo, Nigeria, the Netherlands and Belgium lagged somewhat behind, together accounting for a further 5.1%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Guinea (with a CAGR of +55.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for processed petroleum oils and distillates exported from Morocco were Senegal ($X), Ghana ($X) and Burkina Faso ($X), with a combined 13% share of total exports. Mauritania, Cote d'Ivoire, Guinea, Spain, Togo, Nigeria, the Netherlands and Belgium lagged somewhat behind, together comprising a further 7%.

In terms of the main countries of destination, Guinea, with a CAGR of +51.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, with an increase of 30% against the previous year. In general, the export price continues to indicate a measured expansion. The most prominent rate of growth was recorded in 2015 when the average export price increased by 200% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Spain ($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 Belgium (+55.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Morocco

In 2022, approx. X tons of processed petroleum oils and distillates were imported into Morocco; jumping by 89% compared with the year before. Over the period under review, imports posted a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. Overall, imports posted a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Spain (X tons), Italy (X tons) and the UK (X tons) were the main suppliers of processed petroleum oils and distillates imports to Morocco, together accounting for 40% of total imports. Greece, India, Turkey, the Netherlands, Romania, Egypt, France, Sweden and the United States lagged somewhat behind, together accounting for a further 13%.

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 +100.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of processed petroleum oils and distillates to Morocco, comprising 24% of total imports. The second position in the ranking was held by Italy ($X), with a 10% share of total imports. It was followed by the UK, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain amounted to +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+20.8% per year) and the UK (+16.6% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, approximately reflecting the previous year. Over the period under review, the import price recorded a deep contraction. The pace of growth appeared the most rapid in 2017 an increase of 33%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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