United Arab Emirates: Crude Oil Market 2024

Crude Oil Market Size in the United Arab Emirates

The crude oil market in the United Arab Emirates shrank markedly to $X in 2022, which is down by -16.7% against the previous year. Over the period under review, consumption continues to indicate a slight downturn. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Production in the United Arab Emirates

In value terms, crude oil production dropped to $X in 2022 estimated in export price. Overall, production continues to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 27%. Crude oil production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports from the United Arab Emirates

In 2022, shipments abroad of crude petroleum oil was finally on the rise to reach X tons after two years of decline. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 30% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, crude oil exports rose slightly to $X in 2022. Over the period under review, exports, however, saw a deep setback. The pace of growth appeared the most rapid in 2018 when exports increased by 30% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons), China (X tons) and India (X tons) were the main destinations of crude oil exports from the United Arab Emirates, together accounting for 62% of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +12.7%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Japan ($X), China ($X) and India ($X) constituted the largest markets for crude oil exported from the United Arab Emirates worldwide, together accounting for 62% of total exports.

In terms of the main countries of destination, China, with a CAGR of +3.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, stabilizing at the previous year. Over the period under review, the export price, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2018 an increase of 54% against the previous year. 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 noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to South Korea ($X per ton) and Japan ($X per ton), while the average price for exports to Australia ($X per ton) and China ($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 South Korea (-7.5%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into the United Arab Emirates

In 2022, supplies from abroad of crude petroleum oil decreased by -0.3% to X tons, falling for the second consecutive year after six years of growth. In general, imports saw a noticeable slump. The pace of growth appeared the most rapid in 2015 with an increase of 171% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, crude oil imports dropped slightly to $X in 2022. Over the period under review, imports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 123%. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Kazakhstan (X tons) constituted the largest crude oil supplier to the United Arab Emirates, accounting for a 64% share of total imports. Moreover, crude oil imports from Kazakhstan exceeded the figures recorded by the second-largest supplier, Norway (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume from Kazakhstan amounted to +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (-9.7% per year) and Italy (+9.1% per year).

In value terms, Kazakhstan ($X) constituted the largest supplier of crude petroleum oil to the United Arab Emirates, comprising 60% of total imports. The second position in the ranking was taken by Norway ($X), with a 15% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Kazakhstan amounted to +11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (-13.4% per year) and Italy (-23.2% per year).

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, approximately reflecting the previous year. In general, the import price, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2013 when the average import price increased by 1.8%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+9.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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