South-Eastern Asia: Crude Oil Market 2025

Crude Oil Market Size in South-Eastern Asia

In 2022, the Southeast Asian crude oil market increased by 44% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, continues to indicate a mild slump. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Oil Production in South-Eastern Asia

In value terms, crude oil production shrank to $X in 2022 estimated in export price. In general, production recorded a abrupt downturn. The growth pace was the most rapid in 2021 with an increase of 16% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Crude Oil Exports

Exports in South-Eastern Asia

In 2022, approx. X tons of crude petroleum oil were exported in South-Eastern Asia; waning by -22.7% on the previous year's figure. Overall, exports saw a abrupt contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 6.9%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, crude oil exports contracted markedly to $X in 2022. In general, exports showed a deep setback. The most prominent rate of growth was recorded in 2021 when exports increased by 24% 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 remained at a lower figure.

Exports by Country

Malaysia was the largest exporter of crude petroleum oil in South-Eastern Asia, with the volume of exports amounting to X tons, which was near 56% of total exports in 2022. Vietnam (X tons) held the second position in the ranking, followed by Brunei Darussalam (X tons) and Indonesia (X tons). All these countries together held near 37% share of total exports. Thailand (X tons), Timor-Leste (X tons) and the Philippines (X tons) took a little share of total exports.

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of crude petroleum oil. At the same time, Timor-Leste (+24.8%) displayed positive paces of growth. Moreover, Timor-Leste emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +24.8% from 2012-2022. By contrast, the Philippines (-8.9%), Brunei Darussalam (-9.4%), Thailand (-9.6%), Vietnam (-9.7%) and Indonesia (-19.0%) illustrated a downward trend over the same period. Malaysia (+30 p.p.) and Timor-Leste (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Brunei Darussalam, Vietnam and Indonesia saw its share reduced by -2.7%, -4.1% and -23.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest crude oil supplier in South-Eastern Asia, comprising 47% of total exports. The second position in the ranking was held by Brunei Darussalam ($X), with a 20% share of total exports. It was followed by Vietnam, with a 15% share.

From 2012 to 2022, the average annual growth rate of value in Malaysia stood at -7.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Brunei Darussalam (-10.6% per year) and Vietnam (-15.2% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, with a decrease of -10% against the previous year. Over the period under review, the export price showed a deep contraction. The growth pace was the most rapid in 2018 an increase of 35% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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 the Philippines ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+3.2%), while the other leaders experienced a decline in the export price figures.

Crude Oil Imports

Imports in South-Eastern Asia

After three years of decline, supplies from abroad of crude petroleum oil increased by 48% to X tons in 2022. The total import volume increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, crude oil imports surged to $X in 2022. In general, imports, however, recorded a mild shrinkage. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Singapore (X tons) and Thailand (X tons) represented roughly 64% of total imports in 2022. It was distantly followed by Indonesia (X tons), Vietnam (X tons), Malaysia (X tons), the Philippines (X tons) and Brunei Darussalam (X tons), together making up a 36% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Brunei Darussalam (with a CAGR of +99.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constitutes the largest market for imported crude petroleum oil in South-Eastern Asia, comprising 51% of total imports. The second position in the ranking was held by Thailand ($X), with a 15% share of total imports. It was followed by Indonesia, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in Singapore amounted to -1.6%. In the other countries, the average annual rates were as follows: Thailand (+1.1% per year) and Indonesia (-2.3% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, with an increase of 41% against the previous year. In general, the import price, however, recorded a pronounced reduction. Over the period under review, import prices reached the peak figure 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 Brunei Darussalam ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brunei Darussalam (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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