Portugal: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Portugal

In 2022, the Portuguese market for processed petroleum oils and distillates decreased by -31.7% to $X, falling for the fourth year in a row after two years of growth. Overall, consumption saw a abrupt shrinkage. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Portugal

In value terms, processed petroleum oils and distillates production fell to $X in 2022 estimated in export price. In general, production recorded a perceptible slump. The growth pace was the most rapid in 2013 with an increase of 18% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Portugal

In 2022, overseas shipments of processed petroleum oils and distillates increased by 64% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports showed a resilient expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. In general, exports continue to indicate a notable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for processed petroleum oils and distillates exports from Portugal, with a 55% share of total exports. Moreover, processed petroleum oils and distillates exports to the United States exceeded the volume sent to the second major destination, Spain (X tons), fourfold. The Netherlands (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +17.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+14.6% per year) and the Netherlands (+7.7% per year).

In value terms, the United States ($X) remains the key foreign market for processed petroleum oils and distillates exports from Portugal, comprising 49% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 15% share of total exports. It was followed by Spain, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+4.5% per year) and Spain (+4.2% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, stabilizing at the previous year. Over the period under review, the export price showed a abrupt contraction. The growth pace was the most rapid in 2017 when the average export price increased by 27%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Spain ($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 the Netherlands (-3.0%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Portugal

Processed petroleum oils and distillates imports into Portugal soared to X tons in 2022, growing by 56% against 2021 figures. Over the period under review, imports posted strong growth. 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 surged to $X in 2022. In general, imports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 111% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of processed petroleum oils and distillates to Portugal, with a 50% share of total imports. Moreover, processed petroleum oils and distillates imports from Spain exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fourfold. Italy (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Spain stood at +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+12.7% per year) and Italy (+88.2% per year).

In value terms, Spain ($X) constituted the largest supplier of processed petroleum oils and distillates to Portugal, comprising 47% of total imports. The second position in the ranking was taken by Italy ($X), with a 14% share of total imports. It was followed by the Netherlands, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Spain amounted to +4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+66.3% per year) and the Netherlands (+8.4% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, standing approx. at the previous year. In general, the import price, however, saw a deep setback. The most prominent rate of growth was recorded in 2021 when the average import price increased by 57% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for Belgium ($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 Netherlands (-3.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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