GCC: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in GCC

The GCC market for crude oil and processed petroleum reduced to $X in 2023, shrinking by X% against the previous year. In general, consumption continues to indicate a pronounced slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Production of Crude Oil and Processed Petroleum in GCC

In value terms, crude oil and processed petroleum production skyrocketed to $X in 2023 estimated in export price. Overall, production continues to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, production reached the peak level at $X.5B in 2018; however, from 2019 to 2023, production failed to regain momentum.

Exports of Crude Oil and Processed Petroleum

Exports in GCC

Crude oil and processed petroleum exports skyrocketed to X tons in 2023, jumping by X% compared with 2022. In general, exports saw modest growth. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The volume of export peaked in 2023 and is likely to see gradual growth in the near future.

In value terms, crude oil and processed petroleum exports surged to $X in 2023. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by X%. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Saudi Arabia represented the main exporter of crude oil and processed petroleum in GCC, with the volume of exports recording X tons, which was approx. X% of total exports in 2023. It was distantly followed by the United Arab Emirates (X tons), Kuwait (X tons), Oman (X tons) and Qatar (X tons), together making up a X% share of total exports.

From 2012 to 2023, the biggest increases were recorded for the United Arab Emirates (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil and processed petroleum supplying countries in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X), together comprising X% of total exports.

The United Arab Emirates, 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 mixed trends in the exports figures.

Export Prices by Country

In 2023, the export price in GCC amounted to $X per ton, waning by X% against the previous year. Over the period under review, the export price showed a perceptible decline. The growth pace was the most rapid in 2022 an increase of X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Qatar ($X per ton) and the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) and Kuwait ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced a decline in the export price figures.

Imports of Crude Oil and Processed Petroleum

Imports in GCC

Crude oil and processed petroleum imports soared to X tons in 2023, with an increase of X% against the year before. Total imports indicated a strong expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The volume of import peaked at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, crude oil and processed petroleum imports soared to $X in 2023. Total imports indicated slight growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by X%. The level of import peaked in 2023 and is likely to see gradual growth in the near future.

Imports by Country

In 2023, the United Arab Emirates (X tons) was the main importer of crude oil and processed petroleum, generating X% of total imports. It was distantly followed by Saudi Arabia (X tons), Oman (X tons) and Kuwait (X tons), together making up a X% share of total imports. Bahrain (X tons) and Qatar (X tons) held a relatively small share of total imports.

From 2012 to 2023, average annual rates of growth with regard to crude oil and processed petroleum imports into the United Arab Emirates stood at X%. At the same time, Qatar (X%), Saudi Arabia (X%), Kuwait (X%) and Oman (X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. By contrast, Bahrain (X%) illustrated a downward trend over the same period. Saudi Arabia (X p.p.), the United Arab Emirates (X p.p.) and Kuwait (X p.p.) significantly strengthened its position in terms of the total imports, while Bahrain saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X) constituted the countries with the highest levels of imports in 2023, together comprising X% of total imports. Qatar, Bahrain and Kuwait lagged somewhat behind, together comprising a further X%.

Qatar, 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 GCC stood at $X per ton in 2023, increasing by X% against the previous year. In general, the import price, however, continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform