MENA: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in MENA

The MENA's market for processed petroleum oils and distillates amounted to $X in 2022, surging by X% against the previous year. Over the period under review, consumption, however, recorded a mild curtailment. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in MENA

In value terms, processed petroleum oils and distillates production contracted to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable descent. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

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Exports of Processed Petroleum Oils and Distillates

Exports in MENA

In 2022, the amount of processed petroleum oils and distillates exported in MENA contracted notably to X tons, with a decrease of X% against the previous year's figure. In general, exports, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons, and then fell markedly in the following year.

In value terms, processed petroleum oils and distillates exports fell rapidly to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by X%. As a result, the exports reached the peak of $X, and then contracted rapidly in the following year.

Exports by Country

The United Arab Emirates was the largest exporter of processed petroleum oils and distillates in MENA, with the volume of exports resulting at X tons, which was near X% of total exports in 2022. Saudi Arabia (X tons) ranks second in terms of the total exports with a X% share, followed by Qatar (X%), Turkey (X%), Algeria (X%) and Syrian Arab Republic (X%). Egypt (X tons) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Syrian Arab Republic (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Turkey ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Qatar, Syrian Arab Republic, Algeria and Egypt lagged somewhat behind, together accounting for a further X%.

Syrian Arab Republic, with a CAGR of X%, 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

The export price in MENA stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the export price, however, recorded a deep setback. The growth pace was the most rapid in 2018 an increase of X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Egypt ($X per ton) was amongst the lowest.

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

Imports of Processed Petroleum Oils and Distillates

Imports in MENA

In 2022, purchases abroad of processed petroleum oils and distillates increased by X% to X tons, rising for the second consecutive year after four years of decline. Overall, imports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, processed petroleum oils and distillates imports rose significantly to $X in 2022. Total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

The purchases of the four major importers of processed petroleum oils and distillates, namely Turkey, the United Arab Emirates, Egypt and Morocco, represented more than half of total import. It was distantly followed by Saudi Arabia (X tons) and Iraq (X tons), together achieving a X% share of total imports. The following importers - Israel (X tons), Lebanon (X tons), Oman (X tons), Libya (X tons), Algeria (X tons), Tunisia (X tons) and Bahrain (X tons) - together made up X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bahrain (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest processed petroleum oils and distillates importing markets in MENA were Turkey ($X), Egypt ($X) and Saudi Arabia ($X), together comprising X% of total imports. The United Arab Emirates, Israel, Morocco, Iraq, Lebanon, Algeria, Libya, Oman, Tunisia and Bahrain lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Iraq, with a CAGR of X%, recorded 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 MENA amounted to $X per ton, approximately equating the previous year. Overall, the import price, however, saw a deep contraction. The pace of growth appeared the most rapid in 2018 an increase of X% 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 Israel ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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