Tanzania: Crude Oil Market 2024

Crude Oil Market Size in Tanzania

In 2023, the Tanzanian crude oil market decreased by X% to $X for the first time since 2020, thus ending a two-year rising trend. In general, consumption faced a deep setback. As a result, consumption reached the peak level of $X. From 2019 to 2023, the growth of the market remained at a somewhat lower figure.

Crude Oil Production in Tanzania

In value terms, crude oil production reduced to $X in 2023 estimated in export price. Over the period under review, production showed a sharp decrease. Crude oil production peaked at $X in 2018; however, from 2019 to 2023, production stood at a somewhat lower figure.

Crude Oil Exports

Exports from Tanzania

In 2023, the amount of crude petroleum oil exported from Tanzania declined modestly to X tons, with a decrease of X% compared with the year before. Over the period under review, exports recorded a perceptible decline. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, crude oil exports amounted to $X in 2023. In general, exports showed a deep downturn. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Democratic Republic of the Congo (X tons) was the main destination for crude oil exports from Tanzania, with a X% share of total exports. Moreover, crude oil exports to Democratic Republic of the Congo exceeded the volume sent to the second major destination, South Africa (X kg), sixfold.

From 2012 to 2023, the average annual rate of growth in terms of volume to Democratic Republic of the Congo amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (X% per year) and Zambia (X% per year).

In value terms, Democratic Republic of the Congo ($X) remains the key foreign market for crude petroleum oil exports from Tanzania, comprising X% of total exports. The second position in the ranking was held by South Africa ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value to Democratic Republic of the Congo totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (X% per year) and Zambia (X% per year).

Export Prices by Country

The average crude oil export price stood at $X per ton in 2023, growing by X% against the previous year. In general, the export price, however, showed a abrupt setback. The pace of growth was the most pronounced in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2023, the export prices remained at a lower figure.

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 Zambia ($X per ton), while the average price for exports to South Africa ($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 Zambia (X%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Tanzania

In 2023, supplies from abroad of crude petroleum oil increased by X% to X tons, rising for the second consecutive year after nine years of decline. In general, imports, however, continue to indicate a dramatic slump. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2023, imports failed to regain momentum.

In value terms, crude oil imports contracted to $X in 2023. Over the period under review, imports, however, showed a sharp contraction. The pace of growth was the most pronounced in 2022 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, the United Arab Emirates (X tons) constituted the largest supplier of crude oil to Tanzania, accounting for a X% share of total imports. Moreover, crude oil imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, South Africa (X tons), ninefold. The Netherlands (X kg) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from the United Arab Emirates stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (X% per year) and the Netherlands (X% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of crude petroleum oil to Tanzania, comprising X% of total imports. The second position in the ranking was taken by South Africa ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from the United Arab Emirates amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (X% per year) and India (X% per year).

Import Prices by Country

The average crude oil import price stood at $X per ton in 2023, dropping by X% against the previous year. In general, the import price, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2022 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was India ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform