Russian Federation: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in the Russian Federation

In 2022, the Russian market for processed petroleum oils and distillates was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, continues to indicate a mild decrease. Processed petroleum oils and distillates consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in the Russian Federation

In value terms, processed petroleum oils and distillates production fell to $X in 2022 estimated in export price. Over the period under review, production recorded a noticeable descent. The most prominent rate of growth was recorded in 2017 when the production volume increased by 25% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from the Russian Federation

In 2022, the amount of processed petroleum oils and distillates exported from Russia shrank to X tons, with a decrease of -10.6% against the previous year's figure. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 27% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports shrank dramatically to $X in 2022. Over the period under review, exports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 70% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons) was the main destination for processed petroleum oils and distillates exports from Russia, with a 20% share of total exports. Moreover, processed petroleum oils and distillates exports to the Netherlands exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was taken by South Korea (X tons), with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands amounted to -3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+7.4% per year) and South Korea (+19.9% per year).

In value terms, the Netherlands ($X) remains the key foreign market for processed petroleum oils and distillates exports from Russia, comprising 19% of total exports. The second position in the ranking was taken by China ($X), with a 9% share of total exports. It was followed by South Korea, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands totaled -8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+2.7% per year) and South Korea (+12.4% per year).

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, declining by -11.2% against the previous year. Overall, the export price showed a abrupt setback. The growth pace was the most rapid in 2017 an increase of 57% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Latvia ($X per ton), while the average price for exports to Barbados ($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 China (-4.3%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into the Russian Federation

In 2022, supplies from abroad of processed petroleum oils and distillates decreased by -91.2% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, imports faced a precipitous shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 30% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, processed petroleum oils and distillates imports reduced dramatically to $X in 2022. Overall, imports recorded a significant decline. The most prominent rate of growth was recorded in 2021 with an increase of 30% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Turkey (X tons), Kazakhstan (X tons) and China (X tons) were the main suppliers of processed petroleum oils and distillates imports to Russia, together comprising 55% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Kazakhstan (with a CAGR of +23.6%), while imports for the other leaders experienced a decline.

In value terms, Turkey ($X) constituted the largest supplier of processed petroleum oils and distillates to Russia, comprising 19% of total imports. The second position in the ranking was taken by Germany ($X), with an 8.3% share of total imports. It was followed by Finland, with a 7.3% share.

From 2012 to 2022, the average annual growth rate of value from Turkey stood at -16.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-29.2% per year) and Finland (-31.2% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the import price, however, saw a deep slump. The pace of growth was the most pronounced in 2017 when the average import price increased by 15%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Japan ($X per ton), while the price for Kazakhstan ($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 (+1.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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