Crude Oil and Processed Petroleum Market

The article discusses the projected growth in the global market for crude oil and processed petroleum from 2022 to 2030. It highlights the expected increase in both volume and value of the market, driven by rising demand worldwide. The analysis includes consumption trends, market performance, production levels, import and export volumes, and average price fluctuations over the years. The countries with the highest levels of consumption, production, imports, and exports are identified, indicating key players in the market. Overall, the data portrays a comprehensive picture of the current state and future outlook of the crude oil and processed petroleum industry.

Market Forecast

Driven by increasing demand for crude oil and processed petroleum worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.7% for the period from 2022 to 2030, which is projected to bring the market volume to 11,241M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market value to $4,210B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Crude Oil and Processed Petroleum

Global crude oil and processed petroleum consumption reached 9,859M tons in 2022, increasing by 6.3% against 2021. The total consumption volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.

The revenue of the market for crude oil and processed petroleum worldwide rose rapidly to $3,498.4B in 2022, growing by 8.1% 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, however, continues to indicate a mild decline. Global consumption peaked at $3,951.4B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (1,705M tons), China (1,440M tons) and Saudi Arabia (616M tons), with a combined 38% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +9.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($456.3B), the United States ($368.1B) and Saudi Arabia ($236.8B) were the countries with the highest levels of market value in 2022, with a combined 30% share of the global market.

In terms of the main consuming countries, Saudi Arabia, with a CAGR of +7.2%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of crude oil and processed petroleum per capita consumption was registered in Saudi Arabia (17 ton per person), followed by the United States (5.1 ton per person), Canada (4.7 ton per person) and Germany (2.8 ton per person), while the world average per capita consumption of crude oil and processed petroleum was estimated at less than 0.1 ton per person.

From 2012 to 2022, the average annual rate of growth in terms of the crude oil and processed petroleum per capita consumption in Saudi Arabia totaled +7.5%. In the other countries, the average annual rates were as follows: the United States (-0.8% per year) and Canada (-1.3% per year).

Consumption By Type

The products with the highest volumes of consumption in 2022 were processed petroleum oils and distillates (4,962M tons) and crude petroleum oil (4,905M tons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consumed products, was attained by processed petroleum oils and distillates (with a CAGR of +1.7%).

In value terms, the largest types of crude oil and processed petroleum in terms of market size were processed petroleum oils and distillates ($2,767B) and crude petroleum oil ($2,590B).

In terms of the main consumed products, crude petroleum oil, with a CAGR of -1.4%, recorded the highest rates of growth with regard to market size over the period under review.

Production

World Production of Crude Oil and Processed Petroleum

In 2022, approx. 8,816M tons of crude oil and processed petroleum were produced worldwide; approximately reflecting the previous year's figure. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 5.2%. Over the period under review, global production attained the maximum volume at 9,261M tons in 2018; however, from 2019 to 2022, production remained at a lower figure.

In value terms, crude oil and processed petroleum production dropped to $3,920.4B in 2022 estimated in export price. Over the period under review, production showed a abrupt decrease. The most prominent rate of growth was recorded in 2018 when the production volume increased by 20% against the previous year. Global production peaked at $6,622.8B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (1,635M tons), China (925M tons) and Russia (826M tons), together accounting for 38% of global production. Saudi Arabia, Canada, the United Arab Emirates, Brazil, India, Iran, Iraq, Kuwait, South Korea and Japan lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by the United Arab Emirates (with a CAGR of +5.9%), while production for the other global leaders experienced more modest paces of growth.

Production By Type

The products with the highest volumes of production in 2022 were crude petroleum oil (4,478M tons) and processed petroleum oils and distillates (4,346M tons).

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key produced products, was attained by crude petroleum oil (with a CAGR of +0.6%).

In value terms, the largest types of crude oil and processed petroleum in terms of market size were processed petroleum oils and distillates ($2,295.6B) and crude petroleum oil ($1,556.2B).

Processed petroleum oils and distillates, with a CAGR of -3.9%, recorded the highest growth rate of market size in terms of the main produced products over the period under review.

Imports

World Imports of Crude Oil and Processed Petroleum

In 2022, supplies from abroad of crude oil and processed petroleum increased by 15% to 4,244M tons, rising for the second consecutive year after three years of decline. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 15% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, crude oil and processed petroleum imports surged to $2,612.7B in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 58% against the previous year. Global imports peaked at $2,650.3B in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports By Country

China (571M tons) and the United States (399M tons) represented roughly 23% of total imports in 2022. India (264M tons) took a 6.2% share (based on physical terms) of total imports, which put it in second place, followed by the Netherlands (5.8%). South Korea (165M tons), Japan (160M tons), Germany (152M tons), Mexico (123M tons), the UK (113M tons), Belgium (103M tons), Australia (97M tons), Italy (93M tons) and France (92M tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +17.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest crude oil and processed petroleum importing markets worldwide were China ($390.5B), the United States ($277.6B) and India ($183.8B), together comprising 33% of global imports. The Netherlands, South Korea, Japan, Germany, the UK, Australia, Italy, France, Belgium and Mexico lagged somewhat behind, together comprising a further 30%.

In terms of the main importing countries, Mexico, with a CAGR of +7.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, crude petroleum oil (2,279M tons), distantly followed by processed petroleum oils and distillates (1,965M tons) represented the largest types of crude oil and processed petroleum, together comprising 100% of total imports.

From 2012 to 2022, the biggest increases were recorded for processed petroleum oils and distillates (with a CAGR of +6.9%).

In value terms, crude petroleum oil ($1,615.9B) and processed petroleum oils and distillates ($996.6B) constituted the products with the highest levels of imports in 2022.

Processed petroleum oils and distillates, with a CAGR of +0.8%, saw the highest rates of growth with regard to the value of imports, in terms of the main imported products over the period under review.

Import Prices By Type

In 2022, the average import price for crude oil and processed petroleum amounted to $616 per ton, picking up by 28% against the previous year. Overall, the import price, however, saw a perceptible shrinkage. The pace of growth was the most pronounced in 2021 when the average import price increased by 37% against the previous year. Over the period under review, average import prices hit record highs at $823 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major imported products. In 2022, the product with the highest price was crude petroleum oil ($709 per ton), while the price for processed petroleum oils and distillates amounted to $507 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by crude oil (-1.0%).

Import Prices By Country

The average import price for crude oil and processed petroleum stood at $616 per ton in 2022, surging by 28% against the previous year. Overall, the import price, however, continues to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2021 when the average import price increased by 37% against the previous year. Over the period under review, average import prices hit record highs at $823 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 South Korea ($731 per ton), while Mexico ($376 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-1.1%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Crude Oil and Processed Petroleum

In 2022, global crude oil and processed petroleum exports dropped modestly to 3,202M tons, which is down by -4.5% on the year before. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 26%. As a result, the exports attained the peak of 3,353M tons, and then fell modestly in the following year.

In value terms, crude oil and processed petroleum exports surged to $2,077.8B in 2022. In general, exports recorded a mild curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 74%. The global exports peaked at $2,517.1B in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports By Country

Russia (354M tons), the United States (329M tons), the United Arab Emirates (319M tons), Canada (228M tons), the Netherlands (181M tons) and Iraq (160M tons) represented roughly 49% of total exports in 2022. The following exporters - Kuwait (101M tons), India (95M tons), Brazil (86M tons), Norway (86M tons), Kazakhstan (68M tons), Mexico (64M tons) and Angola (64M tons) - together made up 18% of total exports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +113.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($253.2B), Russia ($202.8B) and the United Arab Emirates ($189.7B) appeared to be the countries with the highest levels of exports in 2022, together comprising 31% of global exports. Canada, India, the Netherlands, Kuwait, Norway, Iraq, Brazil, Kazakhstan, Angola and Mexico lagged somewhat behind, together accounting for a further 34%.

Among the main exporting countries, Kuwait, with a CAGR of +117.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

In 2022, crude petroleum oil (1,852M tons) was the main type of crude oil and processed petroleum, creating 58% of total exports. It was distantly followed by processed petroleum oils and distillates (1,349M tons), creating a 42% share of total exports.

From 2012 to 2022, the biggest increases were recorded for processed petroleum oils and distillates (with a CAGR of +2.8%).

In value terms, crude petroleum oil ($1,197B) and processed petroleum oils and distillates ($880.8B) were the products with the highest levels of exports in 2022.

Processed petroleum oils and distillates, with a CAGR of -0.5%, recorded the highest rates of growth with regard to the value of exports, among the main exported products over the period under review.

Export Prices By Type

In 2022, the average export price for crude oil and processed petroleum amounted to $649 per ton, surging by 29% against the previous year. In general, the export price, however, saw a perceptible descent. The most prominent rate of growth was recorded in 2021 when the average export price increased by 39% against the previous year. Over the period under review, the average export prices attained the maximum at $813 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exported products. In 2022, the product with the highest price was processed petroleum oils and distillates ($653 per ton), while the average price for exports of crude petroleum oil totaled $646 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by crude oil (-1.8%).

Export Prices By Country

In 2022, the average export price for crude oil and processed petroleum amounted to $649 per ton, surging by 29% against the previous year. In general, the export price, however, saw a noticeable reduction. The most prominent rate of growth was recorded in 2021 an increase of 39%. The global export price peaked at $813 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($995 per ton), while Iraq ($398 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+2.1%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform