Commodity Market Report

Latvia downstream oil long-term outlook

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23 November 2020

Latvia downstream oil long-term outlook

Report summary

Latvia suffered from three years of consecutive economic contraction before returning to positive growth since 2011. The recovering economy provided a boost to commercial activity and increased transport fuel demand, but over the longer term we expect oil demand to gradually decline, driven by fuel efficiency gains. With no domestic refining capacity, oil demand is satisfied entirely by imports, sourced mostly from Finland and Lithuania. Although there is good access to independent storage and distribution infrastructure, the Latvian retail fuel market is dominated by three companies: Neste Oil, Circle K and Viada - which acquired LUKOIL's network in 2016.

Table of contents

  • Market drivers
  • Outlook
  • Regulatory issues
  • Product quality
  • Overall position - net importer
    • Volumes
    • Overall network development
    • International oil companies
    • Circle K
    • Neste
    • Viada
    • Independents
    • Virsi-A
    • Latvijas Nafta
    • Dinaz
    • Others
    • Network efficiency
  • Fuels marketing margins
  • Oil product storage infrastructure
  • Crude oil delivery

Tables and charts

This report includes 15 images and tables including:

  • Key demand indicators
  • Overall demand
  • Car parc by fuel type
  • Demand by product (kt)
  • Trade balance 2009 - 2017
  • Key trading partners
  • Main products: monthly unit gross margins
  • Main products: annual average unit gross margins
  • Storage and distribution infrastructure
  • Retail fuel volumes
  • Retail outlets by brand
  • Market shares
  • Number of sites and average throughputs
  • Network effectiveness ratio: ratio of share of fuel sales to share of sites
  • Commercial road transport fuel volumes

What's included

This report contains:

  • Document

    Latvia downstream oil long-term outlook

    PDF 1.36 MB