Southern Asia: Crude Oil Market 2025

Crude Oil Market Size in Southern Asia

In 2022, the South Asian crude oil market increased by 40% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +85.1% against 2020 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Crude Oil Production in Southern Asia

In value terms, crude oil production fell modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a pronounced shrinkage. The growth pace was the most rapid in 2013 when the production volume increased by 36%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Crude Oil Exports

Exports in Southern Asia

In 2022, approx. X tons of crude petroleum oil were exported in Southern Asia; increasing by 15% on the previous year. Over the period under review, exports showed a buoyant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 54% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, crude oil exports surged to $X in 2022. Overall, exports showed tangible growth. The most prominent rate of growth was recorded in 2018 with an increase of 75% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

Exports by Country

Pakistan represented the key exporter of crude petroleum oil in Southern Asia, with the volume of exports amounting to X tons, which was near 75% of total exports in 2022. Sri Lanka (X tons) ranks second in terms of the total exports with a 19% share, followed by India (5.6%).

Exports from Pakistan increased at an average annual rate of +7.6% from 2012 to 2022. At the same time, Sri Lanka (+73,479.2%) and India (+5.2%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +73,479.2% from 2012-2022. Sri Lanka (+19 p.p.) significantly strengthened its position in terms of the total exports, while India and Pakistan saw its share reduced by -2.5% and -11.2% from 2012 to 2022, respectively.

In value terms, the largest crude oil supplying countries in Southern Asia were Pakistan ($X), Sri Lanka ($X) and India ($X), together comprising 99.9% of total exports.

Among the main exporting countries, Sri Lanka, with a CAGR of +105,653.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, growing by 25% against the previous year. In general, the export price, however, recorded a pronounced contraction. The pace of growth appeared the most rapid in 2021 an increase of 30%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+43.7%), while the other leaders experienced mixed trends in the export price figures.

Crude Oil Imports

Imports in Southern Asia

In 2022, purchases abroad of crude petroleum oil increased by 19% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed 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 soared to $X in 2022. Overall, imports saw slight growth. The most prominent rate of growth was recorded in 2021 with an increase of 65% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports by Country

India dominates imports structure, finishing at X tons, which was approx. 96% of total imports in 2022. Pakistan (X tons) held a little share of total imports.

Imports into India increased at an average annual rate of +2.7% from 2012 to 2022. At the same time, Pakistan (+2.8%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +2.8% from 2012-2022. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported crude petroleum oil in Southern Asia, comprising 96% of total imports. The second position in the ranking was held by Pakistan ($X), with a 3.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value in India stood at +1.6%.

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per ton, increasing by 35% against the previous year. Over the period under review, the import price, however, showed a slight decline. The growth pace was the most rapid in 2021 when the import price increased by 59%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while Pakistan amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-1.1%).

Source: IndexBox Platform

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