Latvia downstream oil long-term outlook Report

Commodity Market Report 22 September 2023

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Report summary

We expect oil demand in Latvia 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.

Market drivers
Outlook
Regulatory issues
- Biofuels
- Electromobility
- Retail fuel volumes
- Retail network development
- Major players: competitive position
- Major players: strategy
- Circle K
- Neste
- 8 more item(s)...
Key issues influencing retail fuel margins
Oil product storage infrastructure