Saudi Arabia: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Saudi Arabia

The Saudi market for processed petroleum oils and distillates was finally on the rise to reach $X in 2022, after three years of decline. In general, consumption, however, continues to indicate a noticeable decline. Processed petroleum oils and distillates consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Saudi Arabia

In value terms, processed petroleum oils and distillates production dropped to $X in 2022 estimated in export price. In general, production saw a perceptible descent. The most prominent rate of growth was recorded in 2017 when the production volume increased by 19%. Processed petroleum oils and distillates production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Saudi Arabia

In 2022, the amount of processed petroleum oils and distillates exported from Saudi Arabia declined notably to X tons, with a decrease of -24% compared with 2021. In general, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 93%. As a result, the exports attained the peak of X tons, and then contracted sharply in the following year.

In value terms, processed petroleum oils and distillates exports dropped remarkably to $X in 2022. Overall, exports, however, showed mild growth. The growth pace was the most rapid in 2021 when exports increased by 181%. As a result, the exports reached the peak of $X, and then shrank dramatically in the following year.

Exports by Country

The United States (X tons), Mozambique (X tons) and France (X tons) were the main destinations of processed petroleum oils and distillates exports from Saudi Arabia, together accounting for 31% 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 Mozambique (with a CAGR of +89.1%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), France ($X) and Italy ($X) constituted the largest markets for processed petroleum oils and distillates exported from Saudi Arabia worldwide, with a combined 27% share of total exports. Morocco, the UK, Egypt, South Africa, Singapore, India, Slovenia, Japan and Mozambique lagged somewhat behind, together comprising a further 33%.

Among the main countries of destination, Morocco, with a CAGR of +38.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, reducing by -10.8% against the previous year. Overall, the export price showed a abrupt decline. The most prominent rate of growth was recorded in 2021 when the average export price increased by 46% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Slovenia ($X per ton), while the average price for exports to Mozambique ($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 Morocco (-2.9%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Saudi Arabia

After three years of growth, overseas purchases of processed petroleum oils and distillates decreased by -21.4% to X tons in 2022. In general, imports, however, continue to indicate a tangible increase. The most prominent rate of growth was recorded in 2021 when imports increased by 75%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, processed petroleum oils and distillates imports shrank significantly to $X in 2022. Overall, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +37.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 75%. As a result, imports reached the peak of $X, and then shrank significantly in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest processed petroleum oils and distillates supplier to Saudi Arabia, with a 31% share of total imports. Moreover, processed petroleum oils and distillates imports from India exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. The third position in this ranking was taken by Greece (X tons), with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India amounted to +80.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+101.5% per year) and Greece (+19.7% per year).

In value terms, India ($X) constituted the largest supplier of processed petroleum oils and distillates to Saudi Arabia, comprising 36% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 13% share of total imports. It was followed by the United States, with a 6% share.

From 2012 to 2022, the average annual growth rate of value from India stood at +73.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+87.4% per year) and the United States (+29.6% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 172% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat 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 the Netherlands ($X per ton), while the price for Singapore ($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 (+2.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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