Middle East: Petroleum Bitumen Market 2024

Petroleum Bitumen Market Size in the Middle East

The Middle Eastern petroleum bitumen market declined to $X in 2023, waning by X% against the previous year. Overall, consumption showed a abrupt curtailment. The level of consumption peaked at $X in 2014; however, from 2015 to 2023, consumption remained at a lower figure.

Petroleum Bitumen Production in the Middle East

In value terms, petroleum bitumen production rose sharply to $X in 2023 estimated in export price. Over the period under review, production showed a perceptible downturn. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2023, production failed to regain momentum.

Petroleum Bitumen Exports

Exports in the Middle East

In 2023, the amount of petroleum bitumen exported in the Middle East soared to X tons, picking up by X% on 2022. In general, exports posted a resilient expansion. The pace of growth appeared the most rapid in 2013 when exports increased by X%. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

In value terms, petroleum bitumen exports reached $X in 2023. Overall, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons), Iran (X tons) and Iraq (X tons) represented roughly X% of total exports in 2023. It was distantly followed by Turkey (X tons), mixing up a X% share of total exports. Bahrain (X tons) took a minor share of total exports.

From 2012 to 2023, the biggest increases were recorded for Iraq (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Iran ($X) and Iraq ($X) appeared to be the countries with the highest levels of exports in 2023, together comprising X% of total exports.

Among the main exporting countries, Iraq, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2023, waning by X% against the previous year. In general, the export price saw a pronounced slump. The pace of growth appeared the most rapid in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Bahrain ($X per ton) and the United Arab Emirates ($X per ton), while Iran ($X per ton) and Iraq ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bahrain (X%), while the other leaders experienced a decline in the export price figures.

Petroleum Bitumen Imports

Imports in the Middle East

In 2023, supplies from abroad of petroleum bitumen decreased by X% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of X%. The volume of import peaked at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, petroleum bitumen imports shrank to $X in 2023. Over the period under review, imports, however, recorded strong growth. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, Turkey (X tons) represented the key importer of petroleum bitumen, committing X% of total imports. It was distantly followed by Iraq (X tons) and Oman (X tons), together comprising a X% share of total imports. The following importers - Qatar (X tons), Palestine (X tons) and Lebanon (X tons) - together made up X% of total imports.

From 2012 to 2023, average annual rates of growth with regard to petroleum bitumen imports into Turkey stood at X%. At the same time, Iraq (X%), Oman (X%), Qatar (X%) and Palestine (X%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2023. By contrast, Lebanon (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Turkey, Iraq and Oman increased by X, X and X percentage points, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported petroleum bitumen in the Middle East, comprising X% of total imports. The second position in the ranking was taken by Iraq ($X), with a X% share of total imports. It was followed by Oman, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Turkey totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Iraq (X% per year) and Oman (X% per year).

Import Prices by Country

In 2023, the import price in the Middle East amounted to $X per ton, waning by X% against the previous year. Over the period under review, the import price showed a noticeable slump. The pace of growth appeared the most rapid in 2018 when the import price increased by X%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Palestine ($X per ton) and Qatar ($X per ton), while Oman ($X per ton) and Iraq ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform