Report Update Nov 1, 2024

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

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South Africa: Crude Oil Market 2024

Crude Oil Market Size in South Africa

For the fourth year in a row, the South African crude oil market recorded decline in sales value, which decreased by -13% to $X in 2022. Over the period under review, consumption saw a abrupt curtailment. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Crude Oil Exports

Exports from South Africa

In 2022, crude oil exports from South Africa fell dramatically to X tons, declining by -99.2% against the previous year's figure. Overall, exports faced a sharp reduction. The pace of growth appeared the most rapid in 2021 when exports increased by 919%. As a result, the exports attained the peak of X tons, and then dropped remarkably in the following year.

In value terms, crude oil exports reduced remarkably to $X in 2022. Over the period under review, exports saw a dramatic decrease. The pace of growth appeared the most rapid in 2021 when exports increased by 1,586% against the previous year. As a result, the exports reached the peak of $X, and then contracted rapidly in the following year.

Exports by Country

Malaysia (X tons) was the main destination for crude oil exports from South Africa, accounting for a 97% share of total exports. It was followed by Lesotho (X tons), with a 2.8% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Lesotho (+2.7% per year) and Democratic Republic of the Congo (-81.9% per year).

In value terms, Malaysia ($X) emerged as the key foreign market for crude petroleum oil exports from South Africa, comprising 97% of total exports. The second position in the ranking was held by Lesotho ($X), with a 1.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Lesotho (-5.2% per year) and Democratic Republic of the Congo (-74.4% per year).

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, jumping by 17% against the previous year. Over the period under review, the export price, however, recorded a pronounced descent. The most prominent rate of growth was recorded in 2021 when the average export price increased by 65% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 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 Democratic Republic of the Congo ($X per ton), while the average price for exports to Lesotho ($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 Democratic Republic of the Congo (+41.7%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Oil Imports

Imports into South Africa

For the fourth consecutive year, South Africa recorded decline in purchases abroad of crude petroleum oil, which decreased by -47.3% to X tons in 2022. Over the period under review, imports recorded a abrupt contraction. The pace of growth was the most pronounced in 2018 with an increase of 20%. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil imports declined sharply to $X in 2022. In general, imports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 71% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria (X tons), Saudi Arabia (X tons) and Angola (X tons) were the main suppliers of crude oil imports to South Africa, with a combined 95% share of total imports. Ghana and Congo lagged somewhat behind, together accounting for a further 3.9%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Congo (with a CAGR of 0.0%), while imports for the other leaders experienced a decline.

In value terms, the largest crude oil suppliers to South Africa were Nigeria ($X), Saudi Arabia ($X) and Angola ($X), together accounting for 94% of total imports. Ghana and Congo lagged somewhat behind, together comprising a further 4.9%.

Congo, with a CAGR of 0.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, rising by 54% against the previous year. Over the period under review, the import price, however, showed a slight decline. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Congo ($X per ton), while the price for Angola ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+0.3%), while the prices for the other major suppliers experienced a decline.

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 comprising 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 South Africa?

In value terms, Nigeria, Saudi Arabia and Angola constituted the largest crude oil suppliers to South Africa, together accounting for 65% of total imports. These countries were followed by Ghana, the United Arab Emirates, Iran and Gabon, which together accounted for a further 14%.

What are the leading importers of crude petroleum oil from South Africa?

In value terms, the largest markets for crude oil exported from South Africa were Uruguay, the United States and Spain, together accounting for 85% of total exports.

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

The average crude oil export price stood at $129 per ton in 2021, rising by 11% against the previous year.

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

The average crude oil import price stood at $232 per ton in 2021, falling by -32.6% against the previous year.

This report provides an in-depth analysis of the crude oil market in South Africa. 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:

South Africa

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in South Africa
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