Nigeria - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights
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View PricingCrude Oil Price in Nigeria - 2022
Contents:
- Crude Oil Price in Nigeria (FOB) - 2022
- Crude Oil Price in Nigeria (CIF) - 2022
- Crude Oil Exports in Nigeria
- Crude Oil Imports in Nigeria
Crude Oil Price in Nigeria (FOB) - 2022
The average crude oil export price stood at $27,229 per ton in 2022, growing by 68% against the previous year. In general, the export price enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2017 when the average export price increased by 405% against the previous year. The export price peaked at $32,854 per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.
As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.
From 2012 to 2022, the rate of growth in terms of prices for Brunei Darussalam amounted to +43.5% per year.
Crude Oil Price in Nigeria (CIF) - 2022
In 2022, the average crude oil import price amounted to $517 per ton, increasing by 1.8% against the previous year. Overall, the import price, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2019 when the average import price increased by 83% against the previous year. Over the period under review, average import prices attained the peak figure at $1,405 per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.
As there is only one major supplying country, the average price level is determined by prices for Slovenia.
From 2012 to 2022, the rate of growth in terms of prices for Estonia amounted to -1.1% per year.
Crude Oil Exports in Nigeria
Crude oil exports from Nigeria expanded rapidly to 2.4M tons in 2022, growing by 9.3% compared with 2021 figures. Over the period under review, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 147%. As a result, the exports attained the peak of 3.5M tons. From 2021 to 2022, the growth of the exports remained at a lower figure.
In value terms, crude oil exports soared to $66B in 2022. Overall, exports continue to indicate a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
Export of Crude Oil in Nigeria (Billion USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United Arab Emirates | N/A | 0.1 | 0.1 | 66.0 | 2469.0% |
Spain | 4.5 | 2.8 | 4.6 | N/A | 1.1% |
United States | 2.7 | 0.8 | 1.7 | N/A | -20.7% |
Brunei Darussalam | N/A | 0.2 | 0.1 | N/A | -50.0% |
India | 7.6 | 4.5 | 7.2 | N/A | -2.7% |
Myanmar | N/A | N/A | N/A | N/A | 0% |
Netherlands | 4.5 | 2.8 | 2.6 | N/A | -24.0% |
Israel | N/A | N/A | 0.1 | N/A | 0% |
Others | 21.8 | 15.1 | 19.8 | N/A | -4.7% |
Total | 41.0 | 26.3 | 36.0 | 66.0 | 17.2% |
Top Export Markets for Crude Oil from Nigeria in 2022:
- United Arab Emirates (2.4M tons)
Crude Oil Imports in Nigeria
In 2022, crude oil imports into Nigeria amounted to 383 tons, remaining relatively unchanged against 2021. Over the period under review, total imports indicated significant growth from 2019 to 2022: its volume increased at an average annual rate of +21.5% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -0.9% against 2020 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 81% against the previous year. As a result, imports attained the peak of 386 tons. From 2021 to 2022, the growth of imports failed to regain momentum.
In value terms, crude oil imports amounted to $198K in 2022. In general, imports, however, continue to indicate a noticeable downturn.
Import of Crude Oil in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Slovenia | N/A | N/A | N/A | 96.0 | 0% |
Malaysia | N/A | 203 | N/A | N/A | 0% |
United Arab Emirates | 215 | N/A | N/A | N/A | 0% |
Others | N/A | N/A | 193 | 102 | -47.2% |
Total | 215 | 203 | 193 | 198 | -2.7% |
Top Suppliers of Crude Oil to Nigeria in 2022:
- Slovenia (191.4 tons)
This report provides an in-depth analysis of the crude oil market in Nigeria. 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:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- 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
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- 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
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- 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 -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- 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
- 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 Of Origin, 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, By Country Of Destination, 2012–2023
This report provides an in-depth analysis of the crude oil market in Nigeria.
This report provides an in-depth analysis of the market for crude oil and processed petroleum in Nigeria.
This report provides an in-depth analysis of the global crude oil market.
This report provides an in-depth analysis of the global market for crude oil and processed petroleum.
This report provides an in-depth analysis of the crude oil market in Nigeria.
This report provides an in-depth analysis of the market for crude oil and processed petroleum in Nigeria.
This report provides an in-depth analysis of the global crude oil market.
This report provides an in-depth analysis of the global market for crude oil and processed petroleum.
Explore the top import markets for crude oil and examine key statistics related to their import value. China, the United States, and India lead the pack.
Explore the top import markets for crude oil and examine key statistics related to their import value. China, the United States, and India lead the pack.