Australia and Oceania: Crude Oil Market 2024

Crude Oil Market Size in Australia and Oceania

In 2022, the crude oil market in Australia and Oceania was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption recorded a abrupt decrease. 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.

Crude Oil Production in Australia and Oceania

In value terms, crude oil production amounted to $X in 2022 estimated in export price. Overall, production, however, saw a perceptible downturn. The growth pace was the most rapid in 2019 with an increase of 32% 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 Australia and Oceania

Crude oil exports contracted slightly to X tons in 2022, with a decrease of -3.5% against 2021. Over the period under review, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 112%. As a result, the exports attained the peak of X tons, and then shrank slightly in the following year.

In value terms, crude oil exports skyrocketed to $X in 2022. Overall, exports showed a mild slump. The most prominent rate of growth was recorded in 2021 when exports increased by 197% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Australia prevails in exports structure, resulting at X tons, which was near 84% of total exports in 2022. Papua New Guinea (X tons) held a 9.8% share (based on physical terms) of total exports, which put it in second place, followed by New Zealand (5.7%).

Exports from Australia increased at an average annual rate of +1.2% from 2012 to 2022. At the same time, Papua New Guinea (+3.0%) displayed positive paces of growth. Moreover, Papua New Guinea emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of +3.0% from 2012-2022. By contrast, New Zealand (-5.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Australia and Papua New Guinea increased by +3.4 and +1.9 percentage points, respectively.

In value terms, Australia ($X) remains the largest crude oil supplier in Australia and Oceania, comprising 86% of total exports. The second position in the ranking was held by Papua New Guinea ($X), with a 7% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Australia totaled -1.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Papua New Guinea (-3.8% per year) and New Zealand (-6.5% per year).

Export Prices by Country

In 2022, the export price in Australia and Oceania amounted to $X per ton, increasing by 34% against the previous year. Over the period under review, the export price, however, recorded a noticeable setback. The pace of growth appeared the most rapid in 2021 when the export price increased by 40% 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 failed to regain momentum.

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 (-0.9%), while the other leaders experienced a decline in the export price figures.

Crude Oil Imports

Imports in Australia and Oceania

In 2022, purchases abroad of crude petroleum oil decreased by -31.6% to X tons, falling for the fourth year in a row after three years of growth. Over the period under review, imports recorded a abrupt descent. The most prominent rate of growth was recorded in 2017 with an increase of 18% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, crude oil imports expanded slightly to $X in 2022. In general, imports faced a deep reduction. The growth pace was the most rapid in 2018 with an increase of 39% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Australia prevails in imports structure, resulting at X tons, which was approx. 90% of total imports in 2022. It was distantly followed by New Zealand (X tons), creating an 8.1% share of total imports. Papua New Guinea (X tons) followed a long way behind the leaders.

Australia was also the fastest-growing in terms of the crude petroleum oil imports, with a CAGR of -8.7% from 2012 to 2022. Papua New Guinea (-12.0%) and New Zealand (-16.0%) illustrated a downward trend over the same period. While the share of Australia (+9.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of New Zealand (-8.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported crude petroleum oil in Australia and Oceania, comprising 91% of total imports. The second position in the ranking was taken by New Zealand ($X), with a 7.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Australia stood at -10.5%. In the other countries, the average annual rates were as follows: New Zealand (-18.6% per year) and Papua New Guinea (-19.8% per year).

Import Prices by Country

In 2022, the import price in Australia and Oceania amounted to $X per ton, growing by 50% against the previous year. In general, the import price, however, continues to indicate a pronounced descent. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Australia ($X per ton), while Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (-2.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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