Australia: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in Australia

After three years of decline, the Australian market for crude oil and processed petroleum increased by X% to $X in 2022. Overall, consumption, however, recorded a drastic downturn. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Crude Oil and Processed Petroleum in Australia

In value terms, crude oil and processed petroleum production reduced to $X in 2022 estimated in export price. In general, production saw a abrupt downturn. The pace of growth appeared the most rapid in 2018 with an increase of X%. Crude oil and processed petroleum 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 from Australia

Crude oil and processed petroleum exports from Australia was estimated at X tons in 2022, approximately equating 2021. In general, total exports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, crude oil and processed petroleum exports soared to $X in 2022. Overall, exports, however, recorded a slight decline. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore (X tons) was the main destination for crude oil and processed petroleum exports from Australia, accounting for a X% share of total exports. Moreover, crude oil and processed petroleum exports to Singapore exceeded the volume sent to the second major destination, Japan (X tons), twofold. Malaysia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Singapore stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Malaysia (X% per year).

In value terms, Singapore ($X), Japan ($X) and Malaysia ($X) appeared to be the largest markets for crude oil and processed petroleum exported from Australia worldwide, with a combined X% share of total exports. South Korea, China, Hong Kong SAR, Taiwan (Chinese), Indonesia and Thailand lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Hong Kong SAR, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average export price for crude oil and processed petroleum stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the export price, however, continues to indicate a noticeable downturn. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced a decline.

Imports of Crude Oil and Processed Petroleum

Imports into Australia

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 posted a prominent expansion. As a result, imports attained 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. Over the period under review, imports posted strong growth. The pace of growth was the most pronounced in 2021 when imports increased by X%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

South Korea (X tons), Singapore (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of crude oil and processed petroleum imports to Australia, together comprising X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Singapore ($X) and Malaysia ($X) appeared to be the largest crude oil and processed petroleum suppliers to Australia, together accounting for X% of total imports. India, Taiwan (Chinese), Japan, Brunei Darussalam, China, Vietnam, New Zealand, Nigeria and Indonesia lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Taiwan (Chinese), with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for crude oil and processed petroleum stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the import price, however, continues to indicate a pronounced descent. The pace of growth was the most pronounced in 2021 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure 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 supplying countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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