Norway: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Norway

In 2022, the Norwegian market for processed petroleum oils and distillates increased by 145% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption recorded a notable expansion. 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 Norway

In value terms, processed petroleum oils and distillates production shrank to $X in 2022 estimated in export price. In general, production recorded a abrupt decline. The pace of growth was the most pronounced in 2017 with an increase of 36% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Norway

Processed petroleum oils and distillates exports from Norway shrank remarkably to X tons in 2022, reducing by -23.8% compared with 2021 figures. Overall, exports continue to indicate a slight decrease. The pace of growth was the most pronounced in 2017 when exports increased by 28% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports soared to $X in 2022. Over the period under review, exports recorded a slight downturn. The pace of growth was the most pronounced in 2021 when exports increased by 69%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria (X tons), the Netherlands (X tons) and Sweden (X tons) were the main destinations of processed petroleum oils and distillates exports from Norway, with a combined 49% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nigeria (with a CAGR of +311.7%), while the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Sweden ($X) and the United States ($X) appeared to be the largest markets for processed petroleum oils and distillates exported from Norway worldwide, with a combined 50% share of total exports.

Nigeria, with a CAGR of +311.3%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination 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, growing by 55% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 64% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Ireland ($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 Sweden (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Norway

In 2022, imports of processed petroleum oils and distillates into Norway soared to X tons, picking up by 76% on 2021. In general, imports continue to indicate a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Overall, imports showed a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Sweden (X tons), the Netherlands (X tons) and the United States (X tons) were the main suppliers of processed petroleum oils and distillates imports to Norway, with a combined 43% share of total imports. The UK, Denmark, Brazil, France and Finland lagged somewhat behind, together accounting for a further 5.9%.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +355.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), the Netherlands ($X) and the United States ($X) appeared to be the largest processed petroleum oils and distillates suppliers to Norway, together comprising 43% of total imports. Denmark, the UK, France, Brazil and Finland lagged somewhat behind, together accounting for a further 5.9%.

Brazil, with a CAGR of +268.9%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, growing by 138% against the previous year. Over the period under review, the import price, however, recorded a pronounced descent. Over the period under review, average import prices reached 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 the United States ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :