South-Eastern Asia: Crude Oil Market 2024

Crude Oil Market Size in South-Eastern Asia

In 2022, the Southeast Asian crude oil market increased by X% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the maximum 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 declined to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports in South-Eastern Asia

In 2022, shipments abroad of crude petroleum oil decreased by X% to X tons, falling for the sixth consecutive year after five years of growth. In general, exports recorded a abrupt downturn. The growth pace was the most rapid in 2015 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude oil exports soared to $X in 2022. Overall, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia represented the main exporting country with an export of around X tons, which amounted to X% of total exports. Brunei Darussalam (X tons) held the second position in the ranking, followed by Vietnam (X tons) and Indonesia (X tons). All these countries together took approx. X% share of total exports. Thailand (X tons), the Philippines (X tons) and Timor-Leste (X tons) followed a long way behind the leaders.

Malaysia was also the fastest-growing in terms of the crude petroleum oil exports, with a CAGR of X% from 2012 to 2022. The Philippines (X%), Timor-Leste (X%), Brunei Darussalam (X%), Thailand (X%), Vietnam (X%) and Indonesia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia and Brunei Darussalam increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Malaysia, crude oil exports contracted by an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brunei Darussalam (X% per year) and Vietnam (X% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, rising by X% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Vietnam ($X per ton) and Malaysia ($X per ton), while the Philippines ($X per ton) and Thailand ($X per ton) were amongst the lowest.

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

Crude Oil Imports

Imports in South-Eastern Asia

In 2022, purchases abroad of crude petroleum oil increased by X% to X tons for the first time since 2018, thus ending a three-year declining trend. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

In value terms, crude oil imports skyrocketed to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand (X tons) and Singapore (X tons) represented roughly X% of total imports in 2022. Malaysia (X tons) ranks next in terms of the total imports with a X% share, followed by Indonesia (X%) and Vietnam (X%). The following importers - the Philippines (X tons) and Brunei Darussalam (X tons) - each recorded an X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Brunei Darussalam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Singapore ($X) and Malaysia ($X) were the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Indonesia, Vietnam, Brunei Darussalam and the Philippines lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Brunei Darussalam, with a CAGR of X%, 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

In 2022, the import price in South-Eastern Asia amounted to $X per ton, picking up by X% against the previous year. Overall, the import price, however, recorded a slight descent. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. The level of import 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 importing countries. In 2022, major importing countries recorded the following prices: in Brunei Darussalam ($X per ton) and Malaysia ($X per ton), while the Philippines ($X per ton) and Thailand ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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