ASEAN: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in ASEAN

In 2022, the ASEAN market for crude oil and processed petroleum increased by X% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Crude Oil and Processed Petroleum in ASEAN

In value terms, crude oil and processed petroleum production fell to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Crude Oil and Processed Petroleum

Exports in ASEAN

In 2022, overseas shipments of crude oil and processed petroleum decreased by X% to X tons, falling for the fifth consecutive year after three years of growth. Overall, exports saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude oil and processed petroleum exports surged to $X in 2022. In general, exports showed a pronounced curtailment. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Malaysia (X tons) and Singapore (X tons) represented the major exporters of crude oil and processed petroleum in ASEAN, together recording near X% of total exports. Thailand (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (X%). Vietnam (X tons) and Brunei Darussalam (X tons) held a little 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 Brunei Darussalam (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil and processed petroleum supplying countries in ASEAN were Singapore ($X), Malaysia ($X) and Indonesia ($X), with a combined X% share of total exports. Thailand, Vietnam and Brunei Darussalam lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, Brunei Darussalam, 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 a decline in the exports figures.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, picking up by X% against the previous year. In general, the export price, however, showed a mild setback. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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 Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Crude Oil and Processed Petroleum

Imports in ASEAN

After three years of decline, overseas purchases of crude oil and processed petroleum increased by X% to X tons in 2022. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude oil and processed petroleum imports soared to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Singapore (X tons), Thailand (X tons), Malaysia (X tons), the Philippines (X tons) and Indonesia (X tons) represented the major importer of crude oil and processed petroleum in ASEAN, constituting X% of total import. It was distantly followed by Vietnam (X tons), constituting a X% share of total imports. Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil and processed petroleum importing markets in ASEAN were Singapore ($X), Indonesia ($X) and Thailand ($X), with a combined X% share of total imports. Malaysia, the Philippines, Vietnam and Myanmar lagged somewhat behind, together accounting for a further X%.

Myanmar, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries 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 ASEAN amounted to $X per ton, surging by X% against the previous year. Overall, the import price, however, saw a perceptible decline. The level of import peaked 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 Singapore ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :