Trade: Imports and exports

4. OIL

Shale oil

Over the last decade, Estonia’s shale oil exports have increased by more than 250%, to reach 21.4 kb/d in 2018 (Figure 4.4). Estonia exports the majority of its shale oil to European countries, such as the Netherlands, Belgium and Latvia. Export destinations have become more diverse in recent years; in 2018, Saudi Arabia became the largest recipient of Estonian shale oil and accounted for 20% of the total, followed by the Netherlands with 18%, a sharp fall from 50% previously. The rest was exported to Denmark (7%); Belgium (6%); Latvia (4%); Singapore, Sweden and the United States (3% respectively); and others/unspecified (36%).

Figure 4.4 Estonia’s net shale oil exports per country, 2008-18

Estonia’s shale oil exports have increased in volumes and diversified in destination.

Source: IEA (2019b), Oil Information 2019, www.iea.org/statistics.

Oil products

Estonia is fully reliant on imports for refined oil products. Over the last decade, the level of its net imports of oil products has increased by 21%, to reach 26.4 kb/d in 2018. In the same year, the total volume of oil products imported to Estonia was 40.8 kb/d (Figure 4.5). While the total volume of imports has increased by 87% over the last decade, the import sources are still mostly confined to its neighbouring countries, like Lithuania, accounting for 45% of the total share in 2018, followed by the Russian Federation (26%), Finland (18%), the United Kingdom (2%) and others. By product type, gas/diesel oil accounts for the largest share of oil products imported, with a 42% share in 2018, followed by 29% for motor gasoline and 25% for fuel oil. Lithuania is the largest supplier of transport fuels, whereas fuel oil comes almost entirely from Russia.

Oil product imports have increased significantly since 2012, when Estonia began to reexport oil products; in 2018, Estonia re-exported 35% of the imported oil products (Figures 4.6). The United States and Canada have been major destination countries, with the Netherlands and Saudi Arabia becoming important trading countries in recent years. Similar to shale oil export trends, the increased variety of export destinations is notable; in 2017, Saudi Arabia and Singapore were added to the destination list for the first time and the portions of oil products delivered to Argentina and Nigeria increased visibly in 2018.

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