Malaysia: Crude Oil Market 2024

Crude Oil Market Size in Malaysia

The Malaysian crude oil market shrank slightly to $X in 2022, waning by -2.9% against the previous year. In general, consumption, however, recorded a perceptible slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Oil Production in Malaysia

In value terms, crude oil production reduced to $X in 2022 estimated in export price. Overall, production showed a abrupt downturn. The growth pace was the most rapid in 2021 with an increase of 17%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports from Malaysia

In 2022, shipments abroad of crude petroleum oil was finally on the rise to reach X tons after three years of decline. Overall, exports, however, continue to indicate a relatively flat trend pattern. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, crude oil exports reduced to $X in 2022. Over the period under review, exports, however, recorded a abrupt downturn. The pace of growth appeared the most rapid in 2018 when exports increased by 35%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Australia (X tons), India (X tons) and Thailand (X tons) were the main destinations of crude oil exports from Malaysia, together accounting for 60% of total exports. Singapore, Japan, Brunei Darussalam, New Zealand and China lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Brunei Darussalam (with a CAGR of +62.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crude oil exported from Malaysia were Australia ($X), India ($X) and Thailand ($X), together accounting for 59% of total exports. Japan, Brunei Darussalam, Singapore, New Zealand and China lagged somewhat behind, together comprising a further 35%.

In terms of the main countries of destination, Brunei Darussalam, with a CAGR of +53.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, falling by -18% against the previous year. Overall, the export price recorded a drastic downturn. The pace of growth appeared the most rapid in 2021 an increase of 46%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brunei Darussalam ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Brunei Darussalam (-5.8%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Malaysia

In 2022, approx. X tons of crude petroleum oil were imported into Malaysia; jumping by 39% on the previous year's figure. Over the period under review, imports, however, recorded a slight setback. The pace of growth appeared the most rapid in 2018 when imports increased by 89% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil imports surged to $X in 2022. Overall, imports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2018 with an increase of 57%. 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, Saudi Arabia (X tons) constituted the largest crude oil supplier to Malaysia, accounting for a 37% share of total imports. Moreover, crude oil imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, Venezuela (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with an 8.6% share.

From 2012 to 2022, the average annual growth rate of volume from Saudi Arabia totaled +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Venezuela (-3.0% per year) and the United States (+17.8% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of crude petroleum oil to Malaysia, comprising 37% of total imports. The second position in the ranking was held by the United States ($X), with a 9.1% share of total imports. It was followed by Russia, with an 8.6% share.

From 2012 to 2022, the average annual growth rate of value from Saudi Arabia totaled -1.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+9.6% per year) and Russia (+10.7% per year).

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, which is down by -16.6% against the previous year. In general, the import price recorded a deep slump. The pace of growth was the most pronounced in 2017 an increase of 41% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+22.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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