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GCC - Crude Oil and Processed Petroleum - Market Analysis, Forecast, Size, Trends and Insights
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View PricingGCC: 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
This report provides an in-depth analysis of the market for crude oil and processed petroleum in GCC. 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:
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Production in GCC, split by region and country
- Trade (exports and imports) in GCC
- 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- Bahrain
- Kuwait
- Oman
- Qatar
- Saudi Arabia
- United Arab Emirates
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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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