Western Africa: Crude Oil Market 2024

Crude Oil Market Size in Western Africa

The West African crude oil market shrank to $X in 2022, reducing by -6.8% against the previous year. In general, consumption recorded a abrupt contraction. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Crude Oil Production in Western Africa

In value terms, crude oil production contracted to $X in 2022 estimated in export price. Overall, production showed a abrupt contraction. The pace of growth was the most pronounced in 2017 with an increase of 36%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports in Western Africa

In 2022, the amount of crude petroleum oil exported in Western Africa plummeted to X tons, with a decrease of -19% compared with the previous year's figure. Over the period under review, exports recorded a mild slump. The most prominent rate of growth was recorded in 2021 when exports increased by 33% against the previous year. As a result, the exports reached the peak of X tons, and then reduced remarkably in the following year.

In value terms, crude oil exports dropped significantly to $X in 2022. Overall, exports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2018 with an increase of 40% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria dominates exports structure, accounting for X tons, which was near 89% of total exports in 2022. It was distantly followed by Ghana (X tons), comprising an 8.8% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude oil exports from Nigeria stood at -2.1%. At the same time, Ghana (+3.7%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +3.7% from 2012-2022. Ghana (+3.6 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -3.3% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) remains the largest crude oil supplier in Western Africa, comprising 88% of total exports. The second position in the ranking was taken by Ghana ($X), with a 9.7% share of total exports.

In Nigeria, crude oil exports shrank by an average annual rate of -10.4% over the period from 2012-2022.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Over the period under review, the export price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 when the export price increased by 32%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-4.5%).

Crude Oil Imports

Imports in Western Africa

Crude oil imports shrank slightly to X tons in 2022, therefore, remained relatively stable against 2021 figures. In general, imports continue to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2018 when imports increased by 50%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, crude oil imports amounted to $X in 2022. Over the period under review, imports showed a abrupt decrease. The pace of growth was the most pronounced in 2018 when imports increased by 53%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Cote d'Ivoire represented the major importing country with an import of around X tons, which accounted for 60% of total imports. It was distantly followed by Senegal (X tons) and Togo (X tons), together creating a 36% share of total imports. Ghana (X tons) took a relatively small share of total imports.

Imports into Cote d'Ivoire decreased at an average annual rate of -5.0% from 2012 to 2022. At the same time, Togo (+34.5%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +34.5% from 2012-2022. Senegal experienced a relatively flat trend pattern. By contrast, Ghana (-4.1%) illustrated a downward trend over the same period. While the share of Senegal (+10 p.p.) and Togo (+6.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Cote d'Ivoire (-11.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported crude petroleum oil in Western Africa, comprising 57% of total imports. The second position in the ranking was taken by Senegal ($X), with a 23% share of total imports. It was followed by Togo, with a 9.6% share.

In Cote d'Ivoire, crude oil imports contracted by an average annual rate of -9.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (-5.4% per year) and Togo (+22.7% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, growing by 2% against the previous year. Overall, the import price, however, saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2019 when the import price increased by 9% against the previous year. The level of import 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 importing countries. In 2022, amid the top importers, the country with the highest price was Ghana ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-4.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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