Australia and Oceania: Market for Processed Petroleum Oils and Distillates 2023

Market Size for Processed Petroleum Oils and Distillates in Australia and Oceania

The market for processed petroleum oils and distillates in Australia and Oceania surged to $X in 2021, jumping by 30% against the previous year. Overall, consumption, however, saw a pronounced shrinkage. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Australia and Oceania

In value terms, processed petroleum oils and distillates production surged to $X in 2021 estimated in export price. Over the period under review, production, however, saw a perceptible reduction. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports in Australia and Oceania

In 2021, after two years of decline, there was significant growth in shipments abroad of processed petroleum oils and distillates, when their volume increased by 115% to X tons. In general, exports recorded a moderate expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates exports soared to $X in 2021. Overall, exports showed a moderate expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Australia dominates exports structure, finishing at X tons, which was near 94% of total exports in 2021. 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 +5.6% from 2012 to 2021. At the same time, Fiji (+336.1%) displayed positive paces of growth. Moreover, Fiji emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of +336.1% from 2012-2021. By contrast, New Zealand (-7.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Australia and Fiji increased by +5.5 and +2 percentage points, respectively.

In value terms, Australia ($X) remains the largest processed petroleum oils and distillates supplier in Australia and Oceania, comprising 95% of total exports. The second position in the ranking was taken by New Zealand ($X), with a 3.1% share of total exports.

In Australia, processed petroleum oils and distillates exports expanded at an average annual rate of +3.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: New Zealand (-9.9% per year) and Fiji (-10.5% per year).

Export Prices by Country

In 2021, the export price in Australia and Oceania amounted to $X per ton, jumping by 93% against the previous year. Overall, the export price, however, saw a pronounced descent. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Australia ($X per ton), while Fiji ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (-2.1%), while the other leaders experienced a decline in the export price figures.

Imports of Processed Petroleum Oils and Distillates

Imports in Australia and Oceania

In 2021, purchases abroad of processed petroleum oils and distillates was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +8.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports soared to $X in 2021. In general, imports, however, continue to indicate a mild curtailment. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Australia dominates imports structure, accounting for X tons, which was approx. 80% of total imports in 2021. New Zealand (X tons) took a 6.2% share (based on physical terms) of total imports, which put it in second place, followed by Marshall Islands (5.2%). The following importers - Guam (X tons) and Papua New Guinea (X tons) - each finished at a 3.9% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to processed petroleum oils and distillates imports into Australia stood at +10.2%. At the same time, Marshall Islands (+19.4%), New Zealand (+5.4%) and Guam (+2.4%) displayed positive paces of growth. Moreover, Marshall Islands emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +19.4% from 2012-2021. Papua New Guinea experienced a relatively flat trend pattern. While the share of Australia (+8.6 p.p.) and Marshall Islands (+2.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Papua New Guinea (-2 p.p.) and New Zealand (-2.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported processed petroleum oils and distillates in Australia and Oceania, comprising 79% of total imports. The second position in the ranking was held by New Zealand ($X), with a 6.6% share of total imports. It was followed by Marshall Islands, with a 4.5% share.

In Australia, processed petroleum oils and distillates imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: New Zealand (-4.4% per year) and Marshall Islands (+1.3% per year).

Import Prices by Country

The import price in Australia and Oceania stood at $X per ton in 2021, surging by 4% against the previous year. Over the period under review, the import price, however, saw a deep downturn. The growth pace was the most rapid in 2017 when the import price increased by 58% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Papua New Guinea ($X per ton) and Guam ($X per ton), while Marshall Islands ($X per ton) and Australia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guam (-6.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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