Romania: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Romania

The Romanian market for processed petroleum oils and distillates contracted to $X in 2022, leveling off at the previous year. The market value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X, and then dropped in the following year.

Production of Processed Petroleum Oils and Distillates in Romania

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. Over the period under review, production saw a perceptible setback. The most prominent rate of growth was recorded in 2021 when the production volume increased by 23% against the previous year. Processed petroleum oils and distillates production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Romania

In 2022, overseas shipments of processed petroleum oils and distillates were finally on the rise to reach X tons after three years of decline. In general, total exports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when exports increased by 33% against the previous year. The exports peaked 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 surged to $X in 2022. Over the period under review, exports posted a tangible expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Moldova (X tons) was the main destination for processed petroleum oils and distillates exports from Romania, accounting for a 26% share of total exports. Moreover, processed petroleum oils and distillates exports to Moldova exceeded the volume sent to the second major destination, Bulgaria (X tons), threefold. The third position in this ranking was taken by Hungary (X tons), with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Moldova stood at +12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+2.0% per year) and Hungary (+11.6% per year).

In value terms, Moldova ($X) remains the key foreign market for processed petroleum oils and distillates exports from Romania, comprising 27% of total exports. The second position in the ranking was held by Bulgaria ($X), with a 10% share of total exports. It was followed by Ukraine, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value to Moldova amounted to +12.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+1.8% per year) and Ukraine (-4.8% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, rising by 54% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 63%. The export price peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Ukraine ($X per ton) and Morocco ($X per ton), while the average price for exports to Libya ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+1.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Romania

For the fourth consecutive year, Romania recorded growth in purchases abroad of processed petroleum oils and distillates, which increased by 37% to X tons in 2022. Overall, imports posted a resilient increase. The pace of growth appeared the most rapid in 2021 when imports increased by 90%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. In general, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 90% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of processed petroleum oils and distillates to Romania, with a 54% share of total imports. Moreover, processed petroleum oils and distillates imports from Turkey exceeded the figures recorded by the second-largest supplier, Hungary (X tons), fivefold. India (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey totaled +56.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (+4.2% per year) and India (+108.2% per year).

In value terms, Turkey ($X) constituted the largest supplier of processed petroleum oils and distillates to Romania, comprising 48% of total imports. The second position in the ranking was held by India ($X), with a 9.7% share of total imports. It was followed by Hungary, with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey totaled +41.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+85.6% per year) and Hungary (-6.9% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Overall, the import price continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2018 when the average import price increased by 62% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (-4.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :