Asia: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in Asia

In 2022, the Asian market for crude oil and processed petroleum increased by X% to $X.5B, rising for the second consecutive year after two years of decline. Overall, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Crude Oil and Processed Petroleum in Asia

In value terms, crude oil and processed petroleum production reduced to $X.1B in 2022 estimated in export price. In general, production showed a perceptible decrease. The pace of growth appeared the most rapid in 2018 with an increase of X%. The level of production peaked at $X.3B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Crude Oil and Processed Petroleum

Exports in Asia

In 2022, approx. X tons of crude oil and processed petroleum were exported in Asia; shrinking by X% against 2021. Overall, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons, and then shrank sharply in the following year.

In value terms, crude oil and processed petroleum exports rose modestly to $X in 2022. Over the period under review, exports recorded a perceptible downturn. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X.9B in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, the United Arab Emirates (X tons), distantly followed by Iraq (X tons), Kuwait (X tons), India (X tons), Kazakhstan (X tons), South Korea (X tons) and China (X tons) were the key exporters of crude oil and processed petroleum, together generating X% of total exports. The following exporters - Oman (X tons), Malaysia (X tons), Saudi Arabia (X tons), Qatar (X tons), Singapore (X tons) and Azerbaijan (X tons) - together made up X% of total exports.

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

In value terms, the United Arab Emirates ($X) emerged as the largest crude oil and processed petroleum supplier in Asia, comprising X% of total exports. The second position in the ranking was taken by India ($X), with a X% share of total exports. It was followed by Kuwait, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: India (X% per year) and Kuwait (X% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, jumping by X% against the previous year. Overall, the export price, however, continues to indicate a perceptible downturn. The growth pace was the most rapid in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Iraq ($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 more modest paces of growth.

Imports of Crude Oil and Processed Petroleum

Imports in Asia

In 2022, the amount of crude oil and processed petroleum imported in Asia expanded rapidly to X tons, with an increase of X% compared with the previous year's figure. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2017 when imports increased by X%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, crude oil and processed petroleum imports skyrocketed to $X.3B in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) represented the key importer of crude oil and processed petroleum, creating X% of total imports. India (X tons) ranks second in terms of the total imports with a X% share, followed by South Korea (X%), Japan (X%) and Singapore (X%). Taiwan (Chinese) (X tons), Thailand (X tons), Malaysia (X tons), the Philippines (X tons), Indonesia (X tons), Turkey (X tons), Hong Kong SAR (X tons) and the United Arab Emirates (X tons) followed a long way behind the leaders.

Imports into China increased at an average annual rate of X% from 2012 to 2022. At the same time, the Philippines (X%), the United Arab Emirates (X%), Turkey (X%), Malaysia (X%), Hong Kong SAR (X%), India (X%), Thailand (X%), Taiwan (Chinese) (X%) and South Korea (X%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, Japan (X%) and Singapore (X%) illustrated a downward trend over the same period. China (X p.p.) and the Philippines (X p.p.) significantly strengthened its position in terms of the total imports, while Singapore and Japan saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported crude oil and processed petroleum in Asia, comprising X% of total imports. The second position in the ranking was held by India ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: India (X% per year) and South Korea (X% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the import price, however, saw a mild setback. The pace of growth was the most pronounced in 2021 when the import price increased by X%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 ($X per ton), while Hong Kong SAR ($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

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