In March 2025, the average crude oil export price amounted to $502 per ton, surging by 3.3% against the previous month.

Australia Commodity Price Index: Weights: Other Resources: Crude Oil data was reported at 7.300 % in Feb 2013. This stayed constant from the previous number of 7.300 % for Jan 2013. Australia Commodity Price Index: Weights: Other Resources: Crude Oil data is updated monthly, averaging 7.300 % from Feb 2008 (Median) to Feb 2013, with 61 observations. The data reached an all-time high of 7.300 % in Feb 2013 and a record low of 5.300 % in Aug 2009. Australia Commodity Price Index: Weights: Other Resources: Crude Oil data remains active status in CEIC and is reported by Reserve Bank of Australia. The data is categorized under Global Database’s Australia – Table AU.I051: Commodity Price Index: Weights (Old).

Brent fell to 63.05 USD/Bbl on December 2, 2025, down 0.19% from the previous day. Over the past month, Brent's price has fallen 2.84%, and is down 14.36% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on December of 2025.

In the 2024 fiscal year, the value of crude oil across Australia was estimated at almost 30 billion Australian dollars, an increase from the previous year.

In May 2025, the average monthly price of the Urals crude oil, Russia's major export oil brand, was approximately ***** U.S. dollars per barrel, having decreased from the previous month. In 2020, the price of the Urals experienced a considerable decrease at the beginning of the year due to the coronavirus (COVID-19) pandemic, dropping to as low as **** U.S. dollars per barrel in April. What is the purpose of the Russian oil price cap? In early December 2022, the G7 (Canada, France, Germany, Italy, Japan, United Kingdom (UK), and the United States), the European Union (EU), and Australia formed the Price Cap Coalition and imposed a price cap of 60 U.S. dollars per barrel on oil originating in Russia. The aim of the price ceiling is to decrease Russia’s earnings from oil exports and thereby limit the Russian government’s budget to finance the war in Ukraine. At the same time, the cap is meant to ensure that Russia continues to supply oil to emerging economies, though at a discounted price. With the cap in place, Russia cannot sell oil at a higher price even to third countries if the oil tankers are financed or insured by members of the Price Cap Coalition. In early February 2023, a price cap of 100 U.S. dollars per barrel was imposed on Russian refined oil products. Global dependence on Russian oil China was Russia’s leading crude oil export destination, with the value of exports measured at nearly **** billion U.S. dollars in 2021. In physical terms, Russia supplied around *** million metric tons of crude oil to China in 2024, being the leading crude oil import origin in the country ahead of Saudi Arabia. Furthermore, European countries were major consumers of Russian oil prior to the war in Ukraine. For instance, Russia accounted for over ** percent of oil and petroleum products imported into Slovakia in 2020. To compare, the dependence rate stood at nearly ** percent in Lithuania, ** percent in Germany, and ** percent in the UK.

In March 2025, the average crude rapeseed oil export price amounted to $1,078 per ton, rising by 2.7% against the previous month.

The crude oil market in Australia and Oceania contracted to $7.7B in 2024, falling by -12.9% against the previous year. Overall, consumption saw a abrupt contraction. The level of consumption peaked at $28.3B in 2012; however, from 2013 to 2024, consumption stood at a somewhat lower figure.

In 2024, the Australian market for crude oil and processed petroleum decreased by -5.2% to $55.1B, falling for the second year in a row after two years of growth. Overall, consumption continues to indicate a slight setback. Crude oil and processed petroleum consumption peaked at $64.4B in 2012; however, from 2013 to 2024, consumption remained at a lower figure.

China Import Price: Crude Oil: Oceania: Australia data was reported at 653.138 USD/Ton in Mar 2025. This records a decrease from the previous number of 674.405 USD/Ton for Feb 2025. China Import Price: Crude Oil: Oceania: Australia data is updated monthly, averaging 613.554 USD/Ton from Jan 2008 (Median) to Mar 2025, with 180 observations. The data reached an all-time high of 1,089.658 USD/Ton in Jul 2022 and a record low of 201.881 USD/Ton in Apr 2020. China Import Price: Crude Oil: Oceania: Australia data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PH: Crude Oil Import and Export Price.

The Australian market for crude sunflower-seed and safflower oil soared to $45M in 2024, growing by 30% against the previous year. In general, consumption, however, continues to indicate a mild reduction. As a result, consumption reached the peak level of $84M. From 2023 to 2024, the growth of the market remained at a lower figure.

Crude maize oil exports from Australia skyrocketed to 19 kg in 2023, picking up by 171% on 2022.

Most of the revenue generated through petroleum product wholesaling comes from four major companies: Ampol, Viva Energy, BP Australia and ExxonMobil. These companies source petroleum products, including petrol, diesel, aviation fuel, LPG, fuel oil and bitumen, from local refining operations and through fuel imports. The petroleum product supply chain has changed significantly over the past decade in response to the closure of most local refining capacity and investment in fuel import terminals and storage facilities. The Petroleum Product Wholesaling industry’s performance has fluctuated widely due to significant swings in global crude oil prices and substantial volatility in petroleum consumption by local motorists. Petroleum product consumption for passenger motor vehicles, public transport and air travel plummeted during pandemic lockdown restrictions, but consumption patterns rebounded after travel restrictions were removed, coinciding with higher global oil prices. Fluctuations in OPEC oil production and the supply disruptions caused by the Russia-Ukraine conflict have contributed to significant volatility in the world price of crude oil. While steady growth in motor vehicle numbers provides an underlying demand for petroleum products, greater fuel efficiency and the higher penetration of electric-powered vehicles (EVs) have diluted the direct link between vehicle numbers and petroleum consumption. Over the five years through 2025-26, industry revenue is expected to contract at an annualised 0.6% to $53.4 billion. This includes an anticipated 1.9% drop in 2025-26 as falling crude oil prices trickle down into lower local pump prices. Fierce price competition between the four prominent wholesalers has squeezed profit margins and reinforced a downwards trend in participation and employment. Wholesalers will continue to face significant headwinds in marketing petroleum products, despite a modest expansion in fuel retailing on the back of more motor vehicles and higher household discretionary incomes. The main avenue for sales growth will come from selling aviation fuel for tourism and cleaner automotive fuels. Advances in the fuel efficiency of new vehicles and gathering momentum in EV adoption will constrain petroleum product sales. In addition, subdued world crude oil prices and intense competition will limit wholesalers’ scope to raise prices for retailers and industrial users. Industry revenue is forecast to contract at an annualised 1.0% to $50.8 billion over the five years through 2030-31.

Comprising copies of submissions made to the Royal Commission on Petroleum which was undertaken by the Commonwealth Government and heard before Justice Collins, Judge of the Supreme Court of New South Wales.
Transcripts of the proceedings from 12 June-16 October 1974 are also included.

These copies were apparently held by Premier's Department.

The following descriptive details and references duplicate entry CA2031 National Archives of Australia at www.naa.gov.au.

The Royal Commission on Petroleum was established by Letters Patent issued on 12 September 1973 (Australian Government Gazette, No 129, 20 September 1973). The Honourable Wilfred Herbert Collins, Judge of the Supreme Court of New South Wales, was appointed Commissioner to inquire and report on the following matters, so far as they are relevant to laws that have been, or could be, made by Parliament, namely: all aspects of the production by refining, and the marketing and pricing, in Australia of all types of petroleum, diesel and other fuels for internal combustion and jet engines, derived from any form of liquid or gaseous hydro carbons, whether such hydro carbons are produced in Australia or elsewhere, and all types of residual furnace and heating fuels and other by-products likewise derived.

The Commission started collecting evidence in November 1973 after the appointment of Mr J F Kane as Secretary to the Commission on 12 November 1973. Because of the breadth and complexity of the inquiry, certain specific issues and problem areas were identified at the outset in the Letters Patent:

a) the need, in the public interest, for any changes in the number, location, capacity, technology, and type of refineries in Australia of any such form of liquid or gaseous hydrocarbons, and whether the allocations of the output of such fuels should be rationalized by joint operating or sharing of such refineries;

b) the need for additional refinery capacity to be located within the Sydney metropolitan area to serve the needs of that area;

(c) whether the prices of such fuels and other by-products are excessive and the extent to which the marketing management and trading practices, proliferation of service stations and retail outlets, and the granting of secret or other discounts, and the maintenance of a multi-tiered price structure by refineries and wholesales of such fuels, are contributed thereto;

d) whether, and if so to what extent, the policies and objectives of any of the refineries or wholesalers of such fuels have contributed to price-cutting wars in any one retail sector to the detriment of other sectors; and to what extent fuel pricing by companies operating in Australia which are subsidiaries of foreign operations has been influenced or determined by the decisions of their overseas principles in such matters as inflating original prices paid to overseas crude oil producers and shipping freight thereon thus creating an artificially high landed price to the detriment of Australian consumers

The Commission collected a large body of evidence from oil companies;service station and automobile associations; government departments; gas and fuel corporations; shire councils; universities; laboratories, legal firms and private individuals. Hearings commenced in Sydney on 16 April 1975. In order to collate the highly technical and often politically sensitive evidence, the Commission employed an international oil industry firm of consultants, A D Little International Incorporated, who provided the necessary expertise in all areas of the petroleum industry.

A total of six reports were prepared by the Commission, the areas covered in the reports reflecting the wide terms of reference of the inquiry. The Royal Commission took the view that the matter of shortages fell within its terms of reference. This matter was examined in the firstreport, "Shortages of Petroleum Products", presented in October 1974. (1)

The second report, December 1974, set out the general factual background against which two proposals for new refineries in New South Wales were considered. (2) Although the Commission was originally concerned with only the Sydney metropolitan area, it was convenient to examine together the two proposals of BHP/Sleigh and Ampol/Total. Ampol/Total proposed an additional refinery in the Sydney metropolitan area at Kurnell Peninsular or Lucas Heights, theBHP/Sleigh submission was for a hydro-skimming refinery at Newcastle.

The third report, September 1975, titled "On the circumstances of the transfer of allocated indigenous crude oil by Allied Petrochemicals Pty. Limited to ACTU-Solo Enterprises Pty. Limited", was chiefly concerned with the terms upon which the crude oil was sold by Allied Petrochemicals to ACTU-Solo. (3) This report arose out of the evidence gathered by the Commission for its fourth report on the marketing and pricing of petroleum products in Australia.

The fourth report, April 1976, was a comprehensive survey of the marketing and pricing of the major petroleum product - motor spirit. (4)

"National Refining Policy" was the topic of the fifth report, October 1976. (5) Much of the evidence collected for the second report was updated and extended, the specific topic was the rationalisation of refining output by joint operations. The Commission examined submissions for a small refinery at Alice Springs based on Mereenie crude oil, and a North West Shelf Refinery utilising natural gas for the de-sulphurisation and refining of foreign crude oil.

The sixth and final report, "The use of Liquefied Petroleum Gas" dealt with the role of liquefied petroleum gas in the Australian energy economy. It was presented on 1 November 1976. (6)

Endnotes
1. Commonwealth Parliamentary Papers, No 229 of 1974.
2. Commonwealth Parliamentary Papers, No 21 of 1975.
3. Commonwealth Parliamentary Papers, No 279 of 1975.
4. Commonwealth Parliamentary Papers, No 99 of 1976.
5. Commonwealth Parliamentary Papers, No 308 of 1976.
6. Commonwealth Parliamentary Papers, No 399 of 1976.
7. Borchardt, Checklist of Royal Commissions, 1960-1980, pp 102-104.

(8/2450-53). 4 boxes.

Note:
This description (as amended) is extracted from Concise Guide to the State Archives of New South Wales, 3rd Edition 2000.

246 Global export shipment records of Crude Oil with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

74 Global import shipment records of Crude,oil with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

Learn about the increasing demand for crude rape, colza, and mustard oil in Australia and how the market is expected to grow over the next decade with a forecasted CAGR of +3.0% for volume and +3.1% for value.

Australia Oil Rents: % of GDP data was reported at 0.264 % in 2021. This records an increase from the previous number of 0.108 % for 2020. Australia Oil Rents: % of GDP data is updated yearly, averaging 0.729 % from Dec 1970 (Median) to 2021, with 52 observations. The data reached an all-time high of 2.931 % in 1979 and a record low of 0.015 % in 1970. Australia Oil Rents: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Australia – Table AU.World Bank.WDI: Environmental: Land Use, Protected Areas and National Wealth. Oil rents are the difference between the value of crude oil production at regional prices and total costs of production.;World Bank staff estimates based on sources and methods described in the World Bank's The Changing Wealth of Nations.;Weighted average;

The average crude coconut oil import price stood at $1,346 per ton in February 2025, with an increase of 2% against the previous month.

Bulk fuel storage providers have experienced volatile operating conditions. Global vertically integrated petroleum giants dominate the industry, covering the entire supply chain, from oil production and fuel refining to storage, fuel wholesaling and retailing. The Bulk Fuel Storage industry effectively captures just one segment of this process. The major players separate aspects of this supply chain into different business groups. Firms that solely provide bulk fuel storage services charge upstream refineries a fee to store their fuel before these products are distributed to downstream retailers. The industry has benefited from several local fuel refineries closing over the past five years, resulting in an increased reliance on imported fuel in Australia. This spurred the development of new fuel import terminals and investment in fuel storage infrastructure. Bulk fuel storage revenue is expected to grow at an annualised 1.3% over the five years through 2025-26, to $1.4 billion. Industry demand tends to remain constant, as businesses and consumers require fuel for many day-to-day activities. Short-term fluctuations in fuel prices typically have a limited impact on long-term demand patterns, as demand for fuel is largely inelastic. However, price volatility does affect revenue generated along each link of the supply chain. Global supply and demand conditions, therefore, have a significant impact on industry performance. Fuel supply volumes have also continued to plague the industry, with total volumes remaining below the 90-day supply benchmark. In response, the Federal Government has increased funding to support diesel storage capacity. Industry revenue is expected to fall 4.0% in the current year, primarily due to declining crude oil prices. Industry revenue is projected to grow over the next five years due to Australia's heavy reliance on imported fuel. Efforts to improve Australia's fuel security through increasing storage capacity are also forecast to support industry performance over the period. Growth in the number of motor vehicles and a recovery in aviation travel are also set to boost demand for fuel. Bulk fuel storage revenue is forecast to increase at an annualised 1.3% over the five years through 2030-31, to $1.5 billion.

The Western Canadian Select (WCS) oil price has experienced significant fluctuations over the past two decades, reflecting the volatile nature of global oil markets. In 2024, the annual average WCS oil price reached ***** U.S. dollars per barrel, a slight increase from the previous year. This price movement is part of a broader trend in the oil industry, where prices have been influenced by various economic and geopolitical factors. What impacts oil prices? Oil prices have been on a rollercoaster ride since the early 2000s, with dramatic fluctuations observed in OPEC Reference Basket oils. For instance, the Saharan Blend from Algeria saw its price rise from about ** U.S. dollars per barrel in 2002 to over *** U.S. dollars a decade later, before settling at ***** U.S. dollars in 2023. These price swings have been driven by major events such as the 2008 global financial crisis, the 2020 coronavirus pandemic, and the 2022 energy supply crisis following the Russia-Ukraine war. The volatility in oil prices has had far-reaching impacts on global economies and energy markets as they impact manufacturers and consumers. How regionally important crudes can influence the global economy While WCS prices reflect trends in the North American market, other regional benchmarks provide insights into global oil dynamics. For example, Dubai Crude (Fateh), an important benchmark for Asia, averaged ***** U.S. dollars per barrel in 2023, down from ***** U.S. dollars the previous year. Similarly, Russia's Urals crude oil, a major export brand, saw its price fluctuate in response to global events and policy decisions, such as the price cap imposed by the G7, EU, and Australia in December 2022. These regional variations highlight the complex interplay of supply, demand, and geopolitical factors in shaping global oil prices.