Asia-Pacific: Crude Oil Market 2024

Crude Oil Market Size in Asia-Pacific

In 2022, the Asia-Pacific crude oil market increased by X% to $X.3B, rising for the second consecutive year after two years of decline. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Crude Oil Production in Asia-Pacific

In value terms, crude oil production declined to $X in 2022 estimated in export price. In general, production faced a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Oil Exports

Exports in Asia-Pacific

Crude oil exports dropped sharply to X tons in 2022, falling by X% compared with 2021. In general, exports continue to indicate a pronounced slump. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, crude oil exports surged to $X in 2022. Over the period under review, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Australia (X tons), distantly followed by Malaysia (X tons), Brunei Darussalam (X tons), Vietnam (X tons), China (X tons) and Indonesia (X tons) represented the major exporters of crude petroleum oil, together comprising X% of total exports. Papua New Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Australia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil supplying countries in Asia-Pacific were Australia ($X), Malaysia ($X) and Brunei Darussalam ($X), with a combined X% share of total exports.

Australia, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, growing by X% against the previous year. In general, the export price, however, showed a slight curtailment. The pace of growth was the most pronounced in 2021 an increase of X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a 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 Vietnam ($X per ton), while Papua New Guinea ($X per ton) was amongst the lowest.

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

Crude Oil Imports

Imports in Asia-Pacific

In 2022, after two years of decline, there was significant growth in overseas purchases of crude petroleum oil, when their volume increased by X% to X tons. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, crude oil imports surged to $X in 2022. Overall, imports continue to indicate a slight expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China was the major importing country with an import of around X tons, which finished at 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 Taiwan (Chinese) (X%). Thailand (X tons) and Singapore (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the crude petroleum oil imports, with a CAGR of X% from 2012 to 2022. At the same time, Taiwan (Chinese) (X%), India (X%) and Thailand (X%) displayed positive paces of growth. South Korea and Singapore experienced a relatively flat trend pattern. By contrast, Japan (X%) illustrated a downward trend over the same period. While the share of China (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Korea (X p.p.) and Japan (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported crude petroleum oil in Asia-Pacific, comprising X% of total imports. The second position in the ranking was taken by India ($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 totaled X%. In the other countries, the average annual rates were as follows: India (X% per year) and South Korea (X% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the import price, however, continues to indicate a mild downturn. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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