Western Africa - Crude Oil and Processed Petroleum - Market Analysis, Forecast, Size, Trends and Insights
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View PricingWestern Africa: Market for Crude Oil and Processed Petroleum 2024
Market Size for Crude Oil and Processed Petroleum in Western Africa
The West African market for crude oil and processed petroleum reduced remarkably to $X in 2022, with a decrease of X% against the previous year. In general, consumption continues to indicate a perceptible decline. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.
Production of Crude Oil and Processed Petroleum in Western Africa
In value terms, crude oil and processed petroleum production fell to $X in 2022 estimated in export price. In general, production showed a abrupt setback. The growth pace was the most rapid in 2021 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.
Exports of Crude Oil and Processed Petroleum
Exports in Western Africa
In 2022, shipments abroad of crude oil and processed petroleum decreased by X% to X tons, falling for the fourth consecutive year after two years of growth. In general, exports recorded a deep slump. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.
In value terms, crude oil and processed petroleum exports soared to $X in 2022. Overall, exports showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 when exports increased by X%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.
Exports by Country
In 2022, Nigeria (X tons) was the major exporter of crude oil and processed petroleum, achieving X% of total exports. It was distantly followed by Ghana (X tons), creating a X% share of total exports. Cote d'Ivoire (X tons) took a relatively small share of total exports.
From 2012 to 2022, average annual rates of growth with regard to crude oil and processed petroleum exports from Nigeria stood at X%. At the same time, Ghana (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Cote d'Ivoire (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Nigeria ($X) remains the largest crude oil and processed petroleum supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports.
From 2012 to 2022, the average annual growth rate of value in Nigeria stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Cote d'Ivoire (X% per year).
Export Prices by Country
The export price in Western Africa stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the export price saw a mild increase. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the maximum in 2022 and is expected to retain growth in the near future.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the export price figures.
Imports of Crude Oil and Processed Petroleum
Imports in Western Africa
In 2022, after four years of growth, there was significant decline in supplies from abroad of crude oil and processed petroleum, when their volume decreased by X% to X tons. Overall, imports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of X tons, and then dropped significantly in the following year.
In value terms, crude oil and processed petroleum imports fell to $X in 2022. Over the period under review, imports, however, showed a moderate increase. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of $X, and then dropped in the following year.
Imports by Country
Nigeria represented the largest importing country with an import of about X tons, which finished at X% of total imports. Togo (X tons) took the second position in the ranking, distantly followed by Cote d'Ivoire (X tons), Senegal (X tons) and Liberia (X tons). All these countries together held approx. X% share of total imports. The following importers - Burkina Faso (X tons) and Mali (X tons) - each finished at a X% share of total imports.
From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.
In value terms, Nigeria ($X), Togo ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Burkina Faso, Senegal, Liberia and Mali lagged somewhat behind, together comprising a further X%.
In terms of the main importing countries, Burkina Faso, with a CAGR of X%, recorded the highest rates of growth with regard to 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
The import price in Western Africa stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, the import price, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2017 when the import price increased by X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced a decline in the import price figures.
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Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the market for crude oil and processed petroleum in Western Africa. 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:
- Benin
- Burkina Faso
- Cabo Verde
- Cote d'Ivoire
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Mauritania
- Niger
- Nigeria
- Saint Helena, Ascension and Tristan da Cunha
- Senegal
- Sierra Leone
- Togo
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Production in Western Africa, split by region and country
- Trade (exports and imports) in Western Africa
- 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- Benin
- Burkina Faso
- Cabo Verde
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Mauritania
- Niger
- Nigeria
- Saint Helena, Ascension and Tristan da Cunha
- Senegal
- Sierra Leone
- Togo
- Cote d'Ivoire
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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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