Australia and Oceania: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in Australia and Oceania

In 2022, after two years of growth, there was decline in the market for crude oil and processed petroleum in Australia and Oceania, when its value decreased by X% to $X. In general, consumption, however, saw a abrupt slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Crude Oil and Processed Petroleum in Australia and Oceania

In value terms, crude oil and processed petroleum production contracted to $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Crude Oil and Processed Petroleum

Exports in Australia and Oceania

In 2022, the amount of crude oil and processed petroleum exported in Australia and Oceania expanded slightly to X tons, picking up by X% compared with the year before. In general, exports saw mild growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, crude oil and processed petroleum exports soared to $X in 2022. Over the period under review, exports, however, recorded a noticeable descent. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Australia dominates exports structure, reaching X tons, which was near X% of total exports in 2022. It was distantly followed by Papua New Guinea (X tons), comprising a X% share of total exports. New Zealand (X tons) and Fiji (X tons) followed a long way behind the leaders.

Exports from Australia increased at an average annual rate of X% from 2012 to 2022. At the same time, Fiji (X%) displayed positive paces of growth. Moreover, Fiji emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of X% from 2012-2022. Papua New Guinea experienced a relatively flat trend pattern. By contrast, New Zealand (X%) illustrated a downward trend over the same period. While the share of Australia (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of New Zealand (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest crude oil and processed petroleum supplier in Australia and Oceania, comprising X% of total exports. The second position in the ranking was taken by New Zealand ($X), with a X% share of total exports. It was followed by Papua New Guinea, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Australia amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: New Zealand (X% per year) and Papua New Guinea (X% per year).

Export Prices by Country

In 2022, the export price in Australia and Oceania amounted to $X per ton, increasing by X% against the previous year. Overall, the export price, however, recorded a noticeable contraction. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while Papua New Guinea ($X per ton) was amongst the lowest.

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

Imports of Crude Oil and Processed Petroleum

Imports in Australia and Oceania

In 2022, overseas purchases of crude oil and processed petroleum increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, imports saw a remarkable increase. 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 posted a notable expansion. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Australia dominates imports structure, reaching X tons, which was approx. X% of total imports in 2022. It was distantly followed by New Zealand (X tons), generating an X% share of total imports. The following importers - Fiji (X tons) and Marshall Islands (X tons) - each finished at a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to crude oil and processed petroleum imports into Australia stood at X%. At the same time, Marshall Islands (X%), Fiji (X%) and New Zealand (X%) displayed positive paces of growth. Moreover, Marshall Islands emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of X% from 2012-2022. Australia (X p.p.) significantly strengthened its position in terms of the total imports, while New Zealand saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported crude oil and processed petroleum in Australia and Oceania, comprising X% of total imports. The second position in the ranking was held by New Zealand ($X), with a X% share of total imports. It was followed by Fiji, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Australia stood at X%. In the other countries, the average annual rates were as follows: New Zealand (X% per year) and Fiji (X% per year).

Import Prices by Country

The import price in Australia and Oceania stood at $X per ton in 2022, surging by X% against the previous year. Overall, the import price, however, saw a perceptible contraction. The pace of growth appeared the most rapid in 2021 when the import price increased by X%. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Australia ($X per ton), while Marshall Islands ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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