Portugal: Crude Oil Market 2024

Crude Oil Market Size in Portugal

The Portuguese crude oil market reduced to $X in 2023, with a decrease of X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a perceptible shrinkage. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Crude Oil Exports

Exports from Portugal

In 2023, the amount of crude petroleum oil exported from Portugal surged to X tons, increasing by X% against the previous year. Overall, exports recorded a resilient expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, the exports reached the peak of X tons. From 2022 to 2023, the growth of the exports remained at a lower figure.

In value terms, crude oil exports surged to $X in 2023. Over the period under review, exports recorded a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports attained the peak of $X. From 2022 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for crude oil exports from Portugal, accounting for a X% share of total exports. Moreover, crude oil exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X tons), sixfold. The third position in this ranking was held by Spain (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Spain (X% per year).

In value terms, the United States ($X) emerged as the key foreign market for crude petroleum oil exports from Portugal, comprising X% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a X% share of total exports. It was followed by Mozambique, with a X% share.

From 2012 to 2023, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Mozambique (X% per year).

Export Prices by Country

In 2023, the average crude oil export price amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2020; however, from 2021 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Mozambique ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Spain (X%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Oil Imports

Imports into Portugal

In 2023, the amount of crude petroleum oil imported into Portugal fell slightly to X tons, waning by X% on the year before. Overall, imports recorded a slight contraction. The most prominent rate of growth was recorded in 2015 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2023, imports stood at a somewhat lower figure.

In value terms, crude oil imports reduced rapidly to $X in 2023. In general, imports showed a pronounced contraction. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Brazil (X tons) constituted the largest supplier of crude oil to Portugal, accounting for a X% share of total imports. Moreover, crude oil imports from Brazil exceeded the figures recorded by the second-largest supplier, Algeria (X tons), threefold. Nigeria (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from Brazil amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Algeria (X% per year) and Nigeria (X% per year).

In value terms, Brazil ($X) constituted the largest supplier of crude petroleum oil to Portugal, comprising X% of total imports. The second position in the ranking was held by Algeria ($X), with a X% share of total imports. It was followed by Nigeria, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from Brazil totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Algeria (X% per year) and Nigeria (X% per year).

Import Prices by Country

The average crude oil import price stood at $X per ton in 2023, which is down by X% against the previous year. Over the period under review, the import price showed a perceptible curtailment. The pace of growth was the most pronounced in 2022 when the average import price increased by X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2023, amid the top importers, the highest price was recorded for prices from Azerbaijan ($X per ton) and Nigeria ($X per ton), while the price for Brazil ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform