EU: Crude Oil Market 2024

Crude Oil Market Size in the EU

In 2022, the EU crude oil market increased by X% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, continues to indicate a mild curtailment. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Oil Production in the EU

In value terms, crude oil production dropped to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt descent. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Oil Exports

Exports in the EU

In 2022, overseas shipments of crude petroleum oil decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, showed a strong increase. The pace of growth was the most pronounced in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then fell in the following year.

In value terms, crude oil exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

The Netherlands dominates exports structure, reaching X tons, which was approx. X% of total exports in 2022. Belgium (X tons), Italy (X tons), Croatia (X tons), Spain (X tons) and Denmark (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to crude oil exports from the Netherlands stood at X%. At the same time, Croatia (X%) and Spain (X%) displayed positive paces of growth. Moreover, Croatia emerged as the fastest-growing exporter exported in the European Union, with a CAGR of X% from 2012-2022. Italy experienced a relatively flat trend pattern. By contrast, Belgium (X%) and Denmark (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Netherlands, Croatia and Spain increased by X, X and X percentage points, respectively.

In value terms, the Netherlands ($X) remains the largest crude oil supplier in the European Union, comprising X% of total exports. The second position in the ranking was held by Belgium ($X), with a X% share of total exports. It was followed by Spain, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Netherlands amounted to X%. In the other countries, the average annual rates were as follows: Belgium (X% per year) and Spain (X% per year).

Export Prices by Country

The export price in the European Union stood at $X per ton in 2022, jumping by X% against the previous year. In general, the export price, however, recorded a slight shrinkage. The growth pace was the most rapid in 2021 an increase of X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Spain ($X per ton), while Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Croatia (X%), while the other leaders experienced a decline in the export price figures.

Crude Oil Imports

Imports in the EU

In 2022, purchases abroad of crude petroleum oil increased by X% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, imports saw a relatively flat trend pattern. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil imports skyrocketed to $X in 2022. Overall, imports, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

The Netherlands (X tons), Germany (X tons), Spain (X tons), Italy (X tons), France (X tons), Belgium (X tons), Poland (X tons), Greece (X tons) and Sweden (X tons) represented roughly X% of total imports in 2022. Portugal (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Netherlands (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil importing markets in the European Union were the Netherlands ($X), Germany ($X) and Spain ($X), together accounting for X% of total imports.

Among the main importing countries, the Netherlands, 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 mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in the European Union amounted to $X per ton, jumping by X% against the previous year. Overall, the import price, however, continues to indicate a mild shrinkage. The pace of growth appeared the most rapid in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in France ($X per ton) and Sweden ($X per ton), while Poland ($X per ton) and Greece ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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