Asia: Crude Oil Market 2024

Crude Oil Market Size in Asia

In 2022, the Asian crude oil market increased by 24% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Oil Production in Asia

In value terms, crude oil production declined to $X in 2022 estimated in export price. In general, production continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2018 when the production volume increased by 16% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports in Asia

In 2022, approx. X tons of crude petroleum oil were exported in Asia; waning by -12% on the previous year's figure. In general, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 18% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted in the following year.

In value terms, crude oil exports reduced to $X in 2022. Over the period under review, exports showed a abrupt shrinkage. The growth pace was the most rapid in 2018 when exports increased by 33%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia was the key exporter of crude petroleum oil in Asia, with the volume of exports amounting to X tons, which was approx. 34% of total exports in 2022. Iraq (X tons) held the second position in the ranking, followed by the United Arab Emirates (X tons), Kuwait (X tons), Kazakhstan (X tons) and Oman (X tons). All these countries together held approx. 56% share of total exports. Azerbaijan (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 key exporting countries, was attained by Azerbaijan (with a CAGR of +4.7%), while the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) remains the largest crude oil supplier in Asia, comprising 32% of total exports. The second position in the ranking was held by Iraq ($X), with a 15% share of total exports. It was followed by the United Arab Emirates, with a 12% share.

In Saudi Arabia, crude oil exports contracted by an average annual rate of -8.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Iraq (-4.2% per year) and the United Arab Emirates (-7.4% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, leveling off at the previous year. In general, the export price, however, saw a abrupt decline. The pace of growth was the most pronounced in 2018 when the export price increased by 32%. 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 Kazakhstan ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (-1.4%), while the other leaders experienced a decline in the export price figures.

Crude Oil Imports

Imports in Asia

In 2022, overseas purchases of crude petroleum oil increased by 7.7% to X tons for the first time since 2019, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 8.4%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the near future.

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

Imports by Country

China was the major importer of crude petroleum oil in Asia, with the volume of imports resulting at X tons, which was near 42% of total imports in 2022. India (X tons) held a 20% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (11%) and Japan (11%). The following importers - Singapore (X tons), Taiwan (Chinese) (X tons) and Thailand (X tons) - together made up 9.5% of total imports.

Imports into China increased at an average annual rate of +6.5% from 2012 to 2022. At the same time, Thailand (+11.9%) and India (+2.7%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in Asia, with a CAGR of +11.9% from 2012-2022. South Korea and Singapore experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.3%) and Japan (-2.9%) illustrated a downward trend over the same period. While the share of China (+13 p.p.) and Thailand (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Korea (-2.6 p.p.) and Japan (-8.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported crude petroleum oil in Asia, comprising 43% of total imports. The second position in the ranking was held by India ($X), with a 20% share of total imports. It was followed by South Korea, with a 12% share.

In China, crude oil imports expanded at an average annual rate of +5.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: India (+1.6% per year) and South Korea (-0.2% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, with an increase of 40% against the previous year. Overall, the import price, however, recorded a slight descent. The growth pace was the most rapid in 2021 when the import price increased by 50%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a 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 ($X per ton), while Thailand ($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 (-0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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