Ukraine: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Ukraine

In 2022, after two years of growth, there was decline in the Ukrainian market for processed petroleum oils and distillates, when its value decreased by -0.1% to $X. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Processed petroleum oils and distillates consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Ukraine

In value terms, processed petroleum oils and distillates production totaled $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt descent. The pace of growth was the most pronounced in 2015 when the production volume increased by 26% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Ukraine

In 2022, exports of processed petroleum oils and distillates from Ukraine declined significantly to X tons, with a decrease of -16.3% on 2021. In general, exports faced a abrupt decline. The most prominent rate of growth was recorded in 2017 when exports increased by 77% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports shrank rapidly to $X in 2022. Overall, exports showed a sharp contraction. The pace of growth was the most pronounced in 2021 when exports increased by 52%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Lithuania (X tons) was the main destination for processed petroleum oils and distillates exports from Ukraine, with a 36% share of total exports. Moreover, processed petroleum oils and distillates exports to Lithuania exceeded the volume sent to the second major destination, Turkey (X tons), threefold. The third position in this ranking was held by Estonia (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Lithuania totaled +59.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+7.0% per year) and Estonia (+3.7% per year).

In value terms, Lithuania ($X), Turkey ($X) and Estonia ($X) were the largest markets for processed petroleum oils and distillates exported from Ukraine worldwide, with a combined 48% share of total exports. Hungary, Libya, Qatar, Russia, Ireland, Italy, Cyprus, Latvia and British Virgin Islands lagged somewhat behind, together comprising a further 14%.

Among the main countries of destination, Libya, with a CAGR of +89.2%, recorded 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

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, with a decrease of -55.8% against the previous year. Overall, the export price saw a abrupt decrease. The most prominent rate of growth was recorded in 2015 when the average export price increased by 103%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Libya ($X per ton), while the average price for exports to Latvia ($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 Belize (-0.9%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Ukraine

In 2022, after two years of growth, there was significant decline in supplies from abroad of processed petroleum oils and distillates, when their volume decreased by -41.7% to X tons. In general, imports recorded a pronounced decrease. The pace of growth appeared the most rapid in 2021 when imports increased by 61% against the previous year. As a result, imports reached the peak of X tons, and then shrank remarkably in the following year.

In value terms, processed petroleum oils and distillates imports skyrocketed to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Poland (X tons), Bulgaria (X tons) and Lithuania (X tons) were the main suppliers of processed petroleum oils and distillates imports to Ukraine, together comprising 31% of total imports. Turkey, Moldova, Romania and Greece lagged somewhat behind, together comprising a further 16%.

From 2012 to 2022, the biggest increases were recorded for Moldova (with a CAGR of +129.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates suppliers to Ukraine were Poland ($X), Bulgaria ($X) and Lithuania ($X), together accounting for 30% of total imports. Moldova, Turkey, Romania and Greece lagged somewhat behind, together accounting for a further 15%.

Moldova, with a CAGR of +137.9%, 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 more modest paces of growth.

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, growing by 211% against the previous year. Overall, the import price saw perceptible growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Moldova ($X per ton) and Poland ($X per ton), while the price for Turkey ($X per ton) and Greece ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Moldova (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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