U.S.: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in the U.S.

The U.S. market for processed petroleum oils and distillates declined to $X in 2022, which is down by -7.4% against the previous year. Over the period under review, consumption continues to indicate a pronounced slump. Processed petroleum oils and distillates consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in the U.S.

In value terms, processed petroleum oils and distillates production shrank to $X in 2022. In general, production continues to indicate a deep setback. The pace of growth was the most pronounced in 2018 when the production volume increased by 13% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from the U.S.

In 2022, shipments abroad of processed petroleum oils and distillates was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. In general, total exports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when exports increased by 25% against the previous year. Over the period under review, the exports hit record highs 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. Overall, total exports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +120.4% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico (X tons) was the main destination for processed petroleum oils and distillates exports from the United States, with a 29% share of total exports. Moreover, processed petroleum oils and distillates exports to Mexico exceeded the volume sent to the second major destination, Canada (X tons), twofold. The third position in this ranking was held by Brazil (X tons), with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Mexico amounted to +7.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+3.6% per year) and Brazil (+8.0% per year).

In value terms, Mexico ($X) remains the key foreign market for processed petroleum oils and distillates exports from the United States, comprising 30% of total exports. The second position in the ranking was held by Canada ($X), with a 12% share of total exports. It was followed by Brazil, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Mexico amounted to +7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+4.4% per year) and Brazil (+7.1% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, with an increase of 53% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Argentina ($X per ton) and the Dominican Republic ($X per ton), while the average price for exports to Bahamas ($X per ton) and the Netherlands ($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 Argentina (+0.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into the U.S.

In 2022, overseas purchases of processed petroleum oils and distillates decreased by -14.6% to X tons, falling for the third consecutive year after two years of growth. In general, imports continue to indicate a mild downturn. The most prominent rate of growth was recorded in 2016 with an increase of 22%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Overall, imports showed a mild curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 72%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Canada (X tons), Mexico (X tons) and Russia (X tons) were the main suppliers of processed petroleum oils and distillates imports to the United States, with a combined 35% share of total imports. Saudi Arabia, South Korea, the Netherlands, India, the UK, Iraq, Italy, Brazil, Spain and Algeria lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +62.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X) constituted the largest supplier of processed petroleum oils and distillates to the United States, comprising 20% of total imports. The second position in the ranking was taken by Mexico ($X), with a 6.6% share of total imports. It was followed by South Korea, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+7.6% per year) and South Korea (+5.5% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, growing by 49% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 75% against the previous year. 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 South Korea ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+0.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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