ASEAN: Crude Oil Market 2025

Crude Oil Market Size in ASEAN

In 2022, the ASEAN crude oil market increased by 44% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, recorded a slight downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Oil Production in ASEAN

In value terms, crude oil production fell to $X in 2022 estimated in export price. Over the period under review, production showed a deep slump. The growth pace was the most rapid in 2021 with an increase of 16%. 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 ASEAN

For the fifth consecutive year, ASEAN recorded decline in shipments abroad of crude petroleum oil, which decreased by -22.4% to X tons in 2022. Overall, exports continue to indicate a deep contraction. The growth pace was the most rapid in 2015 when exports increased by 6.9% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, crude oil exports shrank rapidly to $X in 2022. In general, exports continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2021 with an increase of 22%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Malaysia (X tons) represented the main exporter of crude petroleum oil, achieving 57% of total exports. Vietnam (X tons) ranks second in terms of the total exports with a 16% share, followed by Brunei Darussalam (13%) and Indonesia (8.7%). Thailand (X tons) and the Philippines (X tons) followed a long way behind the leaders.

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of crude petroleum oil. The Philippines (-8.9%), Brunei Darussalam (-9.4%), Thailand (-9.6%), Vietnam (-9.7%) and Indonesia (-19.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia increased by +31 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest crude oil supplier in ASEAN, comprising 48% of total exports. The second position in the ranking was taken by Brunei Darussalam ($X), with a 21% share of total exports. It was followed by Vietnam, with a 16% share.

From 2012 to 2022, the average annual growth rate of value in Malaysia stood at -7.1%. In the other countries, the average annual rates were as follows: Brunei Darussalam (-10.6% per year) and Vietnam (-15.2% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, with a decrease of -10.1% against the previous year. Overall, the export price showed a abrupt setback. The growth pace was the most rapid in 2018 an increase of 35% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+3.2%), while the other leaders experienced a decline in the export price figures.

Crude Oil Imports

Imports in ASEAN

In 2022, overseas purchases of crude petroleum oil were finally on the rise to reach X tons after three years of decline. The total import volume increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern 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, crude oil imports surged to $X in 2022. In general, imports, however, showed a mild contraction. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Singapore (X tons) and Thailand (X tons) were the main importers of crude petroleum oil in ASEAN, together amounting to near 64% of total imports. Indonesia (X tons) ranks next in terms of the total imports with a 9.3% share, followed by Vietnam (7.7%), Malaysia (7.6%), the Philippines (5.7%) and Brunei Darussalam (5.6%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Brunei Darussalam (with a CAGR of +99.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constitutes the largest market for imported crude petroleum oil in ASEAN, comprising 51% of total imports. The second position in the ranking was held by Thailand ($X), with a 15% share of total imports. It was followed by Indonesia, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in Singapore stood at -1.6%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+1.1% per year) and Indonesia (-2.3% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, rising by 41% against the previous year. Over the period under review, the import price, however, showed a pronounced downturn. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brunei Darussalam (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform