Western Africa: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Western Africa

The West African market for processed petroleum oils and distillates shrank significantly to $X in 2022, reducing by X% against the previous year. Over the period under review, consumption, however, enjoyed a measured expansion. As a result, consumption attained the peak level of $X, and then contracted notably in the following year.

Production of Processed Petroleum Oils and Distillates in Western Africa

In value terms, processed petroleum oils and distillates production declined slightly to $X in 2022 estimated in export price. In general, production recorded a abrupt slump. The pace of growth appeared the most rapid in 2013 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports in Western Africa

In 2022, shipments abroad of processed petroleum oils and distillates decreased by X% to X tons, falling for the fifth year in a row after two years of growth. Overall, exports continue to indicate a mild setback. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports declined remarkably to $X in 2022. Over the period under review, exports showed a abrupt setback. The growth pace was the most rapid in 2017 with an increase of X%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Senegal (X tons) and Nigeria (X tons) represented roughly X% of total exports in 2022. Cote d'Ivoire (X tons) ranks next in terms of the total exports with a X% share, followed by Ghana (X%). The following exporters - Niger (X tons), Togo (X tons) and Liberia (X tons) - each amounted to an X% share of total exports.

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

In value terms, Senegal ($X), Cote d'Ivoire ($X) and Ghana ($X) were the countries with the highest levels of exports in 2022, together comprising X% of total exports. Nigeria, Liberia, Togo and Niger lagged somewhat behind, together accounting for a further X%.

Togo, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries 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 Western Africa stood at $X per ton in 2022, reducing by X% against the previous year. In general, the export price recorded a deep reduction. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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 Liberia ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (X%), while the other leaders experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports in Western Africa

In 2022, purchases abroad of processed petroleum oils and distillates decreased by X% to X tons for the first time since 2017, thus ending a four-year rising trend. In general, imports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, and then fell significantly in the following year.

In value terms, processed petroleum oils and distillates imports fell to $X in 2022. Over the period under review, imports, however, enjoyed pronounced growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

In 2022, Nigeria (X tons) was the largest importer of processed petroleum oils and distillates, committing X% of total imports. Togo (X tons) ranks second in terms of the total imports with a X% share, followed by Senegal (X%) and Liberia (X%). Burkina Faso (X tons), Mali (X tons), Guinea (X tons) and Cote d'Ivoire (X tons) took a minor share of total imports.

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

In value terms, the largest processed petroleum oils and distillates importing markets in Western Africa were Nigeria ($X), Togo ($X) and Burkina Faso ($X), together accounting for X% of total imports. Guinea, Liberia, Senegal, Mali and Cote d'Ivoire lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Cote d'Ivoire, with a CAGR of X%, saw the highest growth rate of 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 import price in Western Africa amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the import price, however, saw a abrupt decrease. The growth pace was the most rapid in 2017 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X 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 Guinea ($X per ton), while Senegal ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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