ECOWAS - Crude Oil and Processed Petroleum - Market Analysis, Forecast, Size, Trends and Insights
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View PricingECOWAS: Market for Crude Oil and Processed Petroleum 2024
Market Size for Crude Oil and Processed Petroleum in ECOWAS
The ECOWAS market for crude oil and processed petroleum declined sharply to $X in 2022, waning by X% against the previous year. Overall, consumption continues to indicate a pronounced reduction. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.
Production of Crude Oil and Processed Petroleum in ECOWAS
In value terms, crude oil and processed petroleum production dropped to $X in 2022 estimated in export price. In general, production saw a abrupt contraction. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.
Exports of Crude Oil and Processed Petroleum
Exports in ECOWAS
In 2022, shipments abroad of crude oil and processed petroleum decreased by X% to X tons, falling for the fourth consecutive year after two years of growth. In general, exports showed a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.
In value terms, crude oil and processed petroleum exports surged to $X in 2022. Over the period under review, exports recorded a abrupt slump. The growth pace was the most rapid in 2018 with an increase of X%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.
Exports by Country
In 2022, Nigeria (X tons) was the largest exporter of crude oil and processed petroleum, generating X% of total exports. It was distantly followed by Ghana (X tons), constituting a X% share of total exports. Cote d'Ivoire (X tons) took a relatively small share of total exports.
Exports from Nigeria decreased at an average annual rate of X% from 2012 to 2022. At the same time, Ghana (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Cote d'Ivoire (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Nigeria ($X) remains the largest crude oil and processed petroleum supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports.
In Nigeria, crude oil and processed petroleum exports decreased by an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Cote d'Ivoire (X% per year).
Export Prices by Country
The export price in ECOWAS stood at $X per ton in 2022, jumping by X% against the previous year. In general, the export price recorded a slight expansion. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the export price figures.
Imports of Crude Oil and Processed Petroleum
Imports in ECOWAS
After four years of growth, overseas purchases of crude oil and processed petroleum decreased by X% to X tons in 2022. In general, imports, however, posted a strong increase. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports attained the peak of X tons, and then declined significantly in the following year.
In value terms, crude oil and processed petroleum imports dropped to $X in 2022. Overall, imports, however, recorded a measured increase. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then dropped in the following year.
Imports by Country
In 2022, Nigeria (X tons) was the major importer of crude oil and processed petroleum, mixing up X% of total imports. Togo (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (X%), Senegal (X%) and Liberia (X%). The following importers - Burkina Faso (X tons) and Mali (X tons) - each accounted for a X% share of total imports.
From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Togo (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.
In value terms, the largest crude oil and processed petroleum importing markets in ECOWAS were Nigeria ($X), Togo ($X) and Cote d'Ivoire ($X), with a combined X% share of total imports. Burkina Faso, Senegal, Liberia and Mali lagged somewhat behind, together accounting for a further X%.
Burkina Faso, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices by Country
The import price in ECOWAS stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the import price, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2017 when the import price increased by X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.
There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Burkina Faso ($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 Cote d'Ivoire (X%), while the other leaders experienced a decline in the import price figures.
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Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the market for crude oil and processed petroleum in ECOWAS. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
Country coverage:
- Benin
- Burkina Faso
- Cabo Verde
- Cote d'Ivoire
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Niger
- Nigeria
- Senegal
- Sierra Leone
- Togo
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Production in ECOWAS, split by region and country
- Trade (exports and imports) in ECOWAS
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- Benin
- Burkina Faso
- Cabo Verde
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Niger
- Nigeria
- Senegal
- Sierra Leone
- Togo
- Cote d'Ivoire
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
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