Export volume of crude oil Australia FY 2012-2023

Australia’s crude oil export volume has steadily declined over the past decade. In financial year 2023, the volume of crude oil exported from Australia was approximately 16.3 thousand megaliters. Crude oil is refined to produce petroleum products such as automotive gasoline, diesel, jet fuel, and LPG.

Who does Australia trade crude oil with?

Australia produces a significant volume of crude oil. Interestingly, most of this oil is exported, with the largest export destinations being Indonesia and Singapore. Despite this, Australia is a net importer of crude oil. The crude oil refined within the country is generally imported from Asia, Africa, and the Middle East, and make up most of the oil processed in its refineries.

Crude oil outlook

The global coronavirus outbreak has led to a sharp decline in fuel demand. This has affected Australia as it is dependent on imported crude oil to supplement its reserves. While the decrease in demand reduced the cost of imported crude oil, the situation for domestic crude oil refineries has been negative. Recently, one of the country’s four operating oil refineries has had to shut down in response to growing financial pressure. While Australia already imported most of its crude oil, it may have to increase this volume even further in the future once demand begins to rise again.