Report Update May 1, 2025

Australia - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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Australia: Crude Oil Market 2025

Crude Oil Market Size in Australia

In 2022, after two years of decline, there was significant growth in the Australian crude oil market, when its value increased by 15% to $X. Overall, consumption saw a abrupt downturn. Crude oil consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Production in Australia

In value terms, crude oil production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2019 when the production volume increased by 40%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Oil Exports

Exports from Australia

In 2022, approx. X tons of crude petroleum oil were exported from Australia; with a decrease of -4.6% compared with the year before. Overall, exports, however, enjoyed slight growth. The growth pace was the most rapid in 2021 when exports increased by 149%. As a result, the exports attained the peak of X tons, and then dropped modestly in the following year.

In value terms, crude oil exports skyrocketed to $X in 2022. Over the period under review, exports recorded a mild decline. The growth pace was the most rapid in 2021 with an increase of 229% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

From 2012 to 2022, the average annual rate of growth in terms of volume to No country was relatively modest.

From 2012 to 2022, the average annual growth rate of value to No country was relatively modest.

Crude Oil Imports

Imports into Australia

In 2022, purchases abroad of crude petroleum oil decreased by -20.6% to X tons, falling for the fourth year in a row after three years of growth. Overall, imports saw a abrupt decline. The most prominent rate of growth was recorded in 2017 with an increase of 22%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, crude oil imports soared to $X in 2022. In general, imports faced a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of 41% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest crude oil supplier to Australia, accounting for a 33% share of total imports. Moreover, crude oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Brunei Darussalam (X tons), twofold. The United States (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia amounted to -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Brunei Darussalam (+1.8% per year) and the United States (+349.4% per year).

In value terms, Malaysia ($X) constituted the largest supplier of crude petroleum oil to Australia, comprising 33% of total imports. The second position in the ranking was held by Brunei Darussalam ($X), with a 15% share of total imports. It was followed by the United States, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at -6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Brunei Darussalam (-1.0% per year) and the United States (+394.2% per year).

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, increasing by 56% against the previous year. Over the period under review, the import price, however, recorded a noticeable shrinkage. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Algeria ($X per ton) and Nigeria ($X per ton), while the price for Russia ($X per ton) and New Zealand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+10.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, China and Russia, with a combined 45% share of global consumption. These countries were followed by India, Saudi Arabia, South Korea, Japan, Brazil, Canada, Israel, Germany, the Netherlands and Thailand, which together accounted for a further 28%.

What are the largest producers of crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, Russia and Saudi Arabia, with a combined 42% share of global production.

What are the leading suppliers of crude petroleum oil to Australia?

In value terms, Malaysia constituted the largest supplier of crude oil to Australia, comprising 43% of total imports. The second position in the ranking was occupied by Brunei Darussalam, with a 12% share of total imports. It was followed by the United States, with a 6.2% share.

What are the leading importers of crude petroleum oil from Australia?

In value terms, Singapore remains the key foreign market for crude oil exports from Australia, comprising 48% of total exports. The second position in the ranking was occupied by South Korea, with a 13% share of total exports. It was followed by Indonesia, with a 12% share.

What is the average export price for crude petroleum oil in Australia?

In 2021, the average crude oil export price amounted to $477 per ton, jumping by 39% against the previous year.

What is the average import price for crude petroleum oil in Australia?

The average crude oil import price stood at $463 per ton in 2021, rising by 47% against the previous year.

This report provides an in-depth analysis of the crude oil market in Australia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Australia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Australia
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2024
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2024
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2024
2. Market Volume, In Physical Terms, 2012–2024
3. Market Value, 2012–2024
4. Per Capita Consumption In 2012-2024
5. Imports, In Physical Terms, By Country, 2012–2024
6. Imports, In Value Terms, By Country, 2012–2024
7. Import Prices, By Country Of Origin, 2012–2024
8. Exports, In Physical Terms, By Country, 2012–2024
9. Exports, In Value Terms, By Country, 2012–2024
10. Export Prices, By Country Of Destination, 2012–2024
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2024
2. Market Value, 2012–2024
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
5. Trade Balance, In Physical Terms, 2012-2024
6. Trade Balance, In Value Terms, 2012-2024
7. Per Capita Consumption, 2012-2024
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2024
22. Production, In Value Terms, 2012–2024
23. Imports, In Physical Terms, 2012–2024
24. Imports, In Value Terms, 2012–2024
25. Imports, In Physical Terms, By Country, 2024
26. Imports, In Physical Terms, By Country, 2012–2024
27. Imports, In Value Terms, By Country, 2012–2024
28. Import Prices, By Country Of Origin, 2012–2024
29. Exports, In Physical Terms, 2012–2024
30. Exports, In Value Terms, 2012–2024
31. Exports, In Physical Terms, By Country, 2024
32. Exports, In Physical Terms, By Country, 2012–2024
33. Exports, In Value Terms, By Country, 2012–2024
34. Export Prices, By Country Of Destination, 2012–2024