United Kingdom: Crude Oil Market 2024

Crude Oil Market Size in the UK

The UK crude oil market surged to $X in 2022, growing by X% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. Crude oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Crude Oil Production in the UK

In value terms, crude oil production declined to $X in 2022 estimated in export price. Overall, production showed a deep reduction. The pace of growth was the most pronounced in 2018 with an increase of X%. Crude oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports from the UK

In 2022, shipments abroad of crude petroleum oil decreased by X% to X tons, falling for the fourth consecutive year after five years of growth. Over the period under review, exports continue to indicate a mild descent. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, crude oil exports skyrocketed to $X in 2022. Overall, exports continue to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons) was the main destination for crude oil exports from the UK, accounting for a X% share of total exports. Moreover, crude oil exports to the Netherlands exceeded the volume sent to the second major destination, Germany (X tons), fourfold. France (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and France (X% per year).

In value terms, the Netherlands ($X) remains the key foreign market for crude petroleum oil exports from the UK, comprising X% of total exports. The second position in the ranking was taken by Germany ($X), with a X% share of total exports. It was followed by France, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and France (X% per year).

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, increasing by X% against the previous year. In general, the export price, however, saw a slight curtailment. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and Poland ($X per ton), while the average price for exports to South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into the UK

In 2022, the amount of crude petroleum oil imported into the UK skyrocketed to X tons, picking up by X% against 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, crude oil imports skyrocketed to $X in 2022. In general, imports, however, recorded a mild decline. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Norway (X tons), the United States (X tons) and Libya (X tons) were the main suppliers of crude oil imports to the UK, together accounting for X% of total imports.

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

In value terms, Norway ($X), the United States ($X) and Libya ($X) constituted the largest crude oil suppliers to the UK, together comprising X% of total imports.

Among the main suppliers, the United States, with a CAGR of X%, saw 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

In 2022, the average crude oil import price amounted to $X per ton, growing by X% against the previous year. In general, the import price, however, continues to indicate a slight shrinkage. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Guyana ($X per ton) and the United States ($X per ton), while the price for Russia ($X per ton) and Nigeria ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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