Western Africa: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Western Africa

The West African market for processed petroleum oils and distillates shrank dramatically to $X in 2022, reducing by -16.3% against the previous year. In general, consumption, however, continues to indicate a pronounced expansion. As a result, consumption reached the peak level of $X, and then contracted sharply in the following year.

Production of Processed Petroleum Oils and Distillates in Western Africa

In value terms, processed petroleum oils and distillates production fell to $X in 2022 estimated in export price. In general, production showed a abrupt contraction. The most prominent rate of growth was recorded in 2013 when the production volume increased by 9.8%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports in Western Africa

In 2022, shipments abroad of processed petroleum oils and distillates decreased by -6.7% to X tons, falling for the fifth consecutive year after two years of growth. In general, exports continue to indicate a slight descent. The most prominent rate of growth was recorded in 2017 with an increase of 41% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports contracted markedly to $X in 2022. Over the period under review, exports saw a deep setback. The most prominent rate of growth was recorded in 2017 when exports increased by 38% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Senegal (X tons) and Nigeria (X tons) were the largest exporters of processed petroleum oils and distillates in Western Africa, together mixing up 63% of total exports. Cote d'Ivoire (X tons) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (7.8%). The following exporters - Niger (X tons), Togo (X tons) and Liberia (X tons) - each reached an 8.6% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +13.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates supplying countries in Western Africa were Senegal ($X), Cote d'Ivoire ($X) and Ghana ($X), with a combined 67% share of total exports. Nigeria, Liberia, Togo and Niger lagged somewhat behind, together accounting for a further 23%.

Togo, with a CAGR of +17.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, declining by -16.5% against the previous year. Over the period under review, the export price saw a deep downturn. The pace of growth was the most pronounced in 2018 an increase of 28%. The level of export peaked 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 origin: amid the top suppliers, the country with the highest price was Liberia ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+17.1%), while the other leaders experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports in Western Africa

After four years of growth, overseas purchases of processed petroleum oils and distillates decreased by -18.2% to X tons in 2022. Over the period under review, imports, however, enjoyed a strong increase. The growth pace was the most rapid in 2021 when imports increased by 130%. As a result, imports reached the peak of X tons, and then declined dramatically in the following year.

In value terms, processed petroleum oils and distillates imports dropped to $X in 2022. In general, imports, however, posted tangible growth. The pace of growth was the most pronounced in 2021 when imports increased by 120%. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

Nigeria was the largest importing country with an import of around X tons, which resulted at 48% of total imports. Togo (X tons) took a 26% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (5.8%) and Liberia (4.8%). Burkina Faso (X tons), Mali (X tons), Guinea (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +21.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Togo ($X) and Burkina Faso ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 72% of total imports. Guinea, Liberia, Senegal, Mali and Cote d'Ivoire lagged somewhat behind, together accounting for a further 23%.

Among the main importing countries, Cote d'Ivoire, with a CAGR of +18.6%, saw the highest growth rate of 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 import price in Western Africa amounted to $X per ton, rising by 4.7% against the previous year. Over the period under review, the import price, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2017 an increase of 21% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Guinea ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+1.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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