Indonesia: Crude Oil Market 2024

Crude Oil Market Size in Indonesia

The Indonesian crude oil market fell to $X in 2022, remaining constant against the previous year. In general, consumption, however, recorded a perceptible downturn. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Crude Oil Production in Indonesia

In value terms, crude oil production dropped to $X in 2022 estimated in export price. Overall, production recorded a abrupt contraction. The most prominent rate of growth was recorded in 2021 when the production volume increased by 15% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports from Indonesia

After two years of growth, shipments abroad of crude petroleum oil decreased by -69.7% to X tons in 2022. Over the period under review, exports faced a drastic downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 37%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude oil exports declined markedly to $X in 2022. In general, exports continue to indicate a sharp decline. The most prominent rate of growth was recorded in 2021 with an increase of 100% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X tons) was the main destination for crude oil exports from Indonesia, accounting for a 44% share of total exports. Moreover, crude oil exports to Thailand exceeded the volume sent to the second major destination, Malaysia (X tons), twofold. Singapore (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand amounted to -5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+2.7% per year) and Singapore (-17.6% per year).

In value terms, Thailand ($X) remains the key foreign market for crude petroleum oil exports from Indonesia, comprising 45% of total exports. The second position in the ranking was held by Malaysia ($X), with a 17% share of total exports. It was followed by Singapore, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Thailand amounted to -10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-2.8% per year) and Singapore (-21.7% per year).

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, remaining stable against the previous year. In general, the export price recorded a deep contraction. The most prominent rate of growth was recorded in 2021 an increase of 46%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to India ($X per ton) and Thailand ($X per ton), while the average price for exports to China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+6.7%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Oil Imports

Imports into Indonesia

In 2022, the amount of crude petroleum oil imported into Indonesia fell sharply to X tons, shrinking by -19.4% against the previous year. Over the period under review, imports continue to indicate a slight decrease. The pace of growth was the most pronounced in 2021 with an increase of 44%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil imports soared to $X in 2022. In general, imports showed a noticeable contraction. The most prominent rate of growth was recorded in 2021 with an increase of 108% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Saudi Arabia (X tons), Nigeria (X tons) and Australia (X tons) were the main suppliers of crude oil imports to Indonesia, together comprising 82% of total imports. Malaysia, Algeria, Equatorial Guinea and the United States lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +141.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), Nigeria ($X) and Australia ($X) appeared to be the largest crude oil suppliers to Indonesia, together accounting for 85% of total imports. Malaysia, Algeria, Equatorial Guinea and the United States lagged somewhat behind, together comprising a further 15%.

Among the main suppliers, the United States, with a CAGR of +115.5%, 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 crude oil import price stood at $X per ton in 2022, rising by 51% against the previous year. Over the period under review, the import price, however, showed a mild slump. The import price 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 supplying countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Equatorial Guinea (+11.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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