Report Update Nov 1, 2024

Portugal - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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Portugal: Crude Oil Market 2024

Crude Oil Market Size in Portugal

In 2022, the Portuguese crude oil market increased by 37% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, recorded a slight contraction. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Oil Exports

Exports from Portugal

After seven years of decline, overseas shipments of crude petroleum oil increased by 22% to X tons in 2020. In general, exports, however, showed a abrupt slump. The exports peaked at X tons in 2012; however, from 2013 to 2020, the exports failed to regain momentum.

In value terms, crude oil exports shrank to $X in 2020. Overall, exports, however, continue to indicate a deep reduction. The smallest decline of -4.2% was in 2017. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2020, the exports failed to regain momentum.

Exports by Country

Angola (X tons) and Belgium (X tons) were the main destinations of crude oil exports from Portugal.

From 2012 to 2020, the biggest increases were recorded for Belgium (with a CAGR of +170.1%).

In value terms, the largest markets for crude oil exported from Portugal were Angola ($X) and Belgium ($X).

In terms of the main countries of destination, Belgium, with a CAGR of +20.6%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average crude oil export price stood at $X per ton in 2020, declining by -21.5% against the previous year. Over the last eight years, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 12% against the previous year. The export price peaked at $X per ton in 2019, and then reduced dramatically in the following year.

Average prices varied noticeably for the major foreign markets. In 2020, amid the top suppliers, the country with the highest price was Angola ($X per ton), while the average price for exports to Belgium totaled $X per ton.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Cabo Verde (+27.7%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Portugal

After four years of decline, purchases abroad of crude petroleum oil increased by 3.4% to X tons in 2022. In general, imports, however, saw a slight downturn. The most prominent rate of growth was recorded in 2015 with an increase of 16%. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil imports soared to $X in 2022. Over the period under review, imports, however, saw a pronounced shrinkage. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Brazil (X tons) constituted the largest supplier of crude oil to Portugal, accounting for a 38% share of total imports. Moreover, crude oil imports from Brazil exceeded the figures recorded by the second-largest supplier, Nigeria (X tons), threefold. The third position in this ranking was held by Algeria (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil totaled +11.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Nigeria (+8.0% per year) and Algeria (+0.6% per year).

In value terms, Brazil ($X) constituted the largest supplier of crude petroleum oil to Portugal, comprising 37% of total imports. The second position in the ranking was held by Nigeria ($X), with a 14% share of total imports. It was followed by Algeria, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil totaled +11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Nigeria (+6.8% per year) and Algeria (-0.3% per year).

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, surging by 56% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. 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 failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Democratic Republic of the Congo ($X per ton) and Angola ($X per ton), while the price for the United States ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Democratic Republic of the Congo (+22.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, China and Russia, with a combined 45% share of global consumption. India, Saudi Arabia, South Korea, Japan, Brazil, Canada, Israel, Germany, the Netherlands and Thailand lagged somewhat behind, together accounting for a further 28%.

What are the largest producers of crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, Russia and Saudi Arabia, with a combined 42% share of global production.

What are the leading suppliers of crude petroleum oil to Portugal?

In value terms, Brazil, Nigeria and Azerbaijan were the largest crude oil suppliers to Portugal, together comprising 74% of total imports. These countries were followed by the United States, Equatorial Guinea, Democratic Republic of the Congo, the UK and Saudi Arabia, which together accounted for a further 21%.

What is the average export price for crude petroleum oil in Portugal?

The average crude oil export price stood at $624 per ton in 2021, falling by -1.7% against the previous year.

What is the average import price for crude petroleum oil in Portugal?

In 2021, the average crude oil import price amounted to $503 per ton, with an increase of 40% against the previous year.

This report provides an in-depth analysis of the crude oil market in Portugal. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Portugal

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Portugal
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023