Sudan: Crude Oil Market 2024

Crude Oil Market Size in Sudan

The Sudanese crude oil market was finally on the rise to reach $X in 2022, after two years of decline. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Crude Oil Production in Sudan

In value terms, crude oil production declined to $X in 2022 estimated in export price. Overall, production showed a noticeable curtailment. The most prominent rate of growth was recorded in 2013 when the production volume increased by 14%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Crude Oil Exports

Exports from Sudan

In 2022, approx. X tons of crude petroleum oil were exported from Sudan; falling by -14.5% compared with the previous year's figure. Over the period under review, exports showed a deep contraction. The growth pace was the most rapid in 2021 when exports increased by 49% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude oil exports fell markedly to $X in 2022. Overall, exports faced a abrupt shrinkage. The growth pace was the most rapid in 2021 when exports increased by 75%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

India (X tons), Italy (X tons) and Indonesia (X tons) were the main destinations of crude oil exports from Sudan, together accounting for 56% of total exports. Malaysia, Thailand, Japan, South Korea, China, Ethiopia, Singapore and the United Arab Emirates lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +27.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) remains the key foreign market for crude petroleum oil exports from Sudan, comprising 37% of total exports. The second position in the ranking was taken by India ($X), with a 14% share of total exports. It was followed by Italy, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Thailand stood at +20.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+1.5% per year) and Italy (+0.6% per year).

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, dropping by -8.1% against the previous year. Overall, the export price showed a abrupt curtailment. The pace of growth was the most pronounced in 2021 when the average export price increased by 17%. 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 Thailand ($X per ton), while the average price for exports to Japan ($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 Thailand (+6.6%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Sudan

In 2022, approx. X tons of crude petroleum oil were imported into Sudan; picking up by 4.7% on the year before. In general, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 41%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, crude oil imports stood at $X in 2022. Over the period under review, total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by +0.1% against 2019 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 34%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Saudi Arabia (X tons) constituted the largest supplier of crude oil to Sudan, accounting for a 57% share of total imports. Moreover, crude oil imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), twofold. The UK (X tons) ranked third in terms of total imports with a 7.4% share.

From 2012 to 2022, the average annual growth rate of volume from Saudi Arabia stood at +18.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+8.1% per year) and the UK (+17.4% per year).

In value terms, the largest crude oil suppliers to Sudan were the UK ($X), Saudi Arabia ($X) and the United Arab Emirates ($X), together accounting for 92% of total imports.

Among the main suppliers, the UK, with a CAGR of +27.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, shrinking by -4.4% against the previous year. Overall, the import price recorded a abrupt decline. The pace of growth appeared the most rapid in 2013 a decrease of -0.4%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Italy ($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 UK (+8.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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