The Australian crude oil market shrank dramatically to $6B in 2024, with a decrease of -25% against the previous year. Overall, consumption showed a abrupt slump. Crude oil consumption peaked at $25.1B in 2012; however, from 2013 to 2024, consumption remained at a lower figure.

In 2023, shipments abroad of crude petroleum oil decreased by -2% to 15M tons, falling for the second consecutive year after two years of growth.

Access monthly energy price assessments for Australia, featuring Fuel Oil. Coverage includes 10-year price history, current values, short-term forecasts, and market trends. Updated on the 3rd business day of each month, the data offers insights on prices, supply, demand, production, and trade. Available via PDF reports, Excel Add-In, Power BI, and API. Free preview available.

Comprehensive historical data and future forecasts for Crude Oil prices in Australia, crucial for market analysis and strategic planning.

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.

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).

Crude Oil fell to 64.78 USD/Bbl on July 1, 2025, down 0.50% from the previous day. Over the past month, Crude Oil's price has risen 3.62%, but it is still 21.77% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on July of 2025.

In 2023, the amount of olive oil and its fractions imported into Australia contracted rapidly to 15K tons, with a decrease of -28.8% on 2022 figures.

In 2023, imports of crude coconut (copra) oil into Australia surged to 1.8K tons, rising by 153% on the year before.

Gasoline Prices in Australia increased to 1.17 USD/Liter in June from 1.14 USD/Liter in May of 2025. This dataset provides the latest reported value for - Australia Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2023, the amount of crude rape, colza or mustard oil exported from Australia was estimated at 100K tons, surging by 3.6% compared with 2022.

Australia has a thriving oil and gas industry with expanding infrastructure and many exploration opportunities. Geologically the country contains potential for large oil and gas discoveries with extensive sedimentary basins. Australia is also one of the world leaders in providing low cost geological data with an open Acreage Release process and competitive taxation regimes. Politically Australia is very stable with a very high standard of living and a long-standing democratic culture based on the rights of the individual and the rule of the law. There is a free market philosophy which welcomes foreign investment - Australia has no mandatory local equity requirements and has no government owned oil companies. Government facilitation of investment includes fast-tracking of approvals processes for major projects.

This CD provides some basic Australia data including: Oil and Gas Resources of Australia 2003

This publication is the definitive reference on exploration, development and production of Australia's petroleum resources. It covers exploration, reserves, undiscovered resources, development, coalbed methane resources, production, crude oil and shale oil and supporting information and statistics. It includes a forecast of Australia's crude oil and condensate production up to the year 2020, and sustainability indicators for petroleum resources. Information on Australia's petroleum data availability is also included. An estimate of Australia's undiscovered oil and gas potential and a review of geological sequestration of carbon dioxide in Australia is included. Australian Research and Promotional Material

Australian research includes research papers for Australia, Australia regions (Northwest Shelf and the Southern Margin) and CO2 Sequestration. Promotional materials refer to pamphlets which outline geological products available from Geoscience Australia and contacts for obtaining these products. This material is grouped by region with the research papers.

Geoscience Australia Online Databases Demonstration The Geoscience Australia Petroleum Databases Demonstration is a Microsoft Powerpoint presentation containing instructions on how to use Geoscience Australia's online Petroleum Databases located at: www.ga.gov.au/oracle/apcrc/ This output represents the data which is considered open file and commercial-in-confidence. Petroleum Databases available at Geoscience Australia include: the Australian Geological Provinces Database, the Petroleum Information Management System (PIMS) GIS , the National Petroleum Wells Database and the National Geoscience GIS

Businesses in the Fuel Retailing industry have contended with volatile operating conditions. Fluctuating global crude oil, diesel fuel and petrol fuel prices have severely impacted the industry. A global oversupply of oil, compounded by sharply deteriorating demand because of the pandemic in 2019-20, reduced oil prices over the second half of that year. This trend filtered downstream through lower retail fuel prices, sharply reducing industry revenue in the same year. However, the Russia-Ukraine conflict caused a global crude oil supply deficit, heightening oil prices and boosting industry revenue as retailers passed costs on to customers. IBISWorld modelling projects revenue to climb by an annualised 4.4% over the five years through 2024-25 to $58.7 billion. This trend includes a dip of 4.5% in 2024-25, caused by a moderation of global crude oil prices. The industry's main fuel-related products are petroleum and diesel. Diesel sales have grown as more motorists have switched to diesel vehicles, which typically offer greater fuel economy. Energy-efficient hybrid or electric vehicles have become increasingly popular with motorists, threatening fuel demand. Industry profit margins are slim, with a high fuel turnover required to make a business viable. Most industry profit comes from selling non-fuel products like confectionery and tobacco. The recent hikes in US crude oil production are helping combat the deliberate slowing of OPEC+ drilling activity, which the alliance has performed to support crude oil prices. If plans to restart maximum capacity drillings come to fruition, world fuel prices will recede, providing relief at the bowser for domestic consumers and resulting in greater overall fuel consumption. Industry revenue is expected to strengthen at an annualised 1.1% through 2029-30 to $62.2 billion, partly thanks to a rising number of motor vehicles. Continued uptake of more fuel-efficient vehicles like hybrid cars is poised to constrain fuel demand growth. Still, the energy transition presents an opportunity for market domination for fuel retailers that adapt by rolling out EV charging stations.

Oil and gas producers have experienced significant revenue volatility. Changes in oil and gas prices, exchange rate movements, annual production volumes, and domestic and export demand for oil and gas all influence the industry’s performance. Output has expanded over the past decade, while world oil and natural gas prices have displayed significant volatility. Australia's natural gas production, which comprises most of the industry, has soared over the past decade as new gas fields have been developed to feed Australia's liquefied natural gas (LNG) facilities. Global trade in LNG has expanded, with growing demand for LNG in Asian markets and weakness in the Australian dollar benefiting Australian producers. The industry has invested in several major gas export projects over the past decade, which have increased Australia's LNG production capacity to 88.0 million tonnes per annum. Industry revenue is expected to have inched upwards at an annualised 0.5% over the five years through 2024-25, to $100.3 billion. Rising oil and gas prices in the fallout of the Russia-Ukraine conflict sent revenue skyrocketing and expanded the industry’s profitability over the two years through 2022-23. However, industry revenue is expected to fall for the second consecutive year in 2024-25, dropping 5.0%, as prices for oil and liquified petroleum gas continue to recede and volumes drop. Recent high prices have caused some projects to be restarted and new projects to be green-lit. However, the major oil and gas producers have taken the opportunity to futureproof their portfolios, divesting low-quality assets in the face of rising public concern over environmental issues. Merger and acquisition activity in global oil and gas markets is set to intensify as producers look to consolidate their position and strengthen their balance sheets. Government intervention in domestic gas markets has also created regulatory uncertainty, which is likely to constrain investment in Australia's oil and gas sector going forwards. Ongoing price declines and falling oil and gas production will drive a forecast annualised 5.9% drop in industry revenue over the five years through 2029-30, to $73.8 billion.

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.

Most of the revenue generated through petroleum product wholesaling comes from four major companies: Ampol, Viva Energy, BP Australia and ExxonMobil. These companies source products from local fuel refining operations and through imports. The supply chain for petroleum products has changed significantly over the past decade due to the closure of most local petroleum refineries and investment in petroleum import terminals and storage facilities. Petroleum product wholesaling revenue is expected to inch up at an annualised 0.6% over the five years through 2024-25 to $53.1 billion, despite the anticipated decline by 2.1% in the current year as the earlier fall in world crude oil prices trickles down into lower local pump prices. Fierce price competition between the four prominent wholesalers has squeezed profit margins and reinforced the downwards trend in participation. The industry’s performance has fluctuated widely in response to significant swings in global crude oil prices and substantial volatility in petroleum consumption by local motorists. During the COVID-19 pandemic, the lockdown restrictions significantly dampened petroleum product consumption for passenger motor vehicles, public transport and air travel. Still, consumption patterns have rebounded with the removal of travel restrictions and higher global oil prices. Fluctuations in OPEC oil production and the supply disruptions caused by the Russia-Ukraine conflict contributed to the significant volatility in the world price of crude oil. Wholesalers will continue to face significant headwinds in marketing petroleum products despite the 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 industrial customers and the sale of aviation fuel for air travel and tourism. Sales of petroleum products will be constrained by advances in the fuel efficiency of new vehicles and the greater adoption of electric vehicles (EVs). In addition, supply increases will weigh on the world price of crude oil, forcing wholesalers to pass on lower prices to downstream retailers and industrial users. Industry revenue is forecast to contract at an annualised 0.4% to $52.1 billion over the five years through 2029-30.

The Australian oil and gas industry, while facing a negative CAGR of -4.19%, presents a complex picture influenced by global energy transitions and domestic policy. The market, valued at an estimated $XX million in 2025 (this value needs to be provided to complete the analysis), is segmented into upstream (exploration and production), midstream (transportation and storage), and downstream (refining and distribution). Upstream activities, particularly in offshore gas production, remain significant contributors to the nation's energy supply and export revenue. However, increasing environmental regulations, a global push towards renewable energy, and fluctuating global oil and gas prices significantly constrain growth. Furthermore, the industry faces challenges in attracting investment amidst uncertainties surrounding future energy demands and carbon emission targets. While companies like Woodside Petroleum Limited and BHP Group PLC play a crucial role, the industry's overall trajectory hinges on successfully navigating the transition to a lower-carbon future. This necessitates investments in carbon capture and storage technologies, alongside exploration and production of lower-emission energy sources. The ongoing exploration of new resources, alongside strategic partnerships, will determine the industry's long-term viability and resilience within the global energy landscape. Regional variations exist, with some areas experiencing higher levels of activity than others depending on specific geological conditions and resource availability. Government policies promoting sustainable energy development further influence the sector’s future, impacting investment decisions and ultimately shaping the industry’s overall growth. The long-term forecast (2025-2033) for the Australian oil and gas market remains uncertain. The negative CAGR suggests a potential contraction, though this may be offset by strategic investments in new technologies and projects. The geographical distribution of resources and production facilities within Australia, while favorable in certain pockets, will continue to shape the sector's regional performance. Further analysis is needed to accurately project specific regional market shares, which will vary based on individual projects and their success. Competitive pressures from international players and domestic policy changes will continue to influence the market's evolution, requiring adaptive strategies from companies operating in the Australian oil and gas sector. Diversification into renewable energy sources and related services might be critical for long-term survival and growth for existing players. Recent developments include: September 2022: Santos Ltd. sanctioned a USD 300 million pipeline project that would create an additional connection to its Darwin liquefied natural gas facility in Northern Australia., March 2023: ConocoPhillips announced through its Australian subsidiary that it is planning to become the upstream operator of Australia Pacific LNG (APLNG) following the closing of EIG's transaction with Origin Energy. The company also agreed to purchase up to an additional 2.49% of the shareholding in APLNG. After this transaction, it is expected to own around 49.99% of APLNG.. Key drivers for this market are: 4., Increasing Natural Gas Demand4.; Rising Pipeline Network and Associated Infrastructure Development. Potential restraints include: 4., Increasing Natural Gas Demand4.; Rising Pipeline Network and Associated Infrastructure Development. Notable trends are: Midstream Segment Expected to Witness Significant Demand.

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.

Oil and gas producers use these explorations to establish a portfolio of future projects. Exploration-only companies identify reserves that are attractive to larger players on a contract basis. Petroleum exploration is inherently risky and capital-intensive. Conversely, rising commodity prices assist industry players, increasing the potential benefit of exploration discoveries. Onshore exploration has overtaken offshore exploration over the past decade to become the industry's largest source of revenue. Expenditure on petroleum exploration is expected to fall at an annualised 3.9% over the five years through 2024-25, to an estimated $1.3 billion. Exploration activity has displayed significant volatility over the past five years, with instability in global energy markets flowing through to demand for petroleum exploration services. Larger vertically integrated players reduced spending on exploration in response to volatile energy prices during the pandemic, while pure-play exploration companies have struggled to raise the capital required for exploration. In response to falling prices and uncertain demand conditions, many firms across the oil and gas sector delayed investment decisions and reduced capital expenditure. As a result, demand for exploration services fell sharply in 2020-21. While exploration activity rebounded in 2021-22, rising capital costs, higher exploration drilling prices and tight labour market conditions constrained exploration activity in 2022-23. In 2023-24, this trend reversed and exploration activity surged by an estimated 33.0%, representing an effort to respond to the prospect of gas shortages in the East Coast Market in 2027. In 2024-25, revenue is expected to grow by 0.8%, representing a slight improvement in the upstream investment environment. High pressure on the eastern seaboard energy market may encourage state governments to roll back regulation on onshore exploration, which will spur greater exploration activity in Australia. However, a volatile regulatory environment for oil and gas producers may create some hesitancy to invest in exploration. The need to respond to climate change provides additional headwinds to the future of fossil fuels, which will disincentivise some investors from funding petroleum exploration. Overall, industry revenue is forecast to increase at an annualised 2.2% over the five years through 2029-30, to an estimated $1.2 billion.

As a result of a Society of Petroleum Engineers/National Energy Research Demonstration and Development Council (NERDDC) meeting in Adelaide in April 1986 between Australian oil industry representatives. researchers and government, it was decided to propose a NERDDC project on the potential from Enhanced Oil Recovery (EOR) applications in Australia. The aim was to highlight to government, industry and the public the scope for EOR, and to provide assistance in planning EOR projects and policies. The specific project objectives were to identify the most likely field prospects for EOR applications and to assess the additional oil which may be recovered under various recovery techniques at selected oil prices. Oilfield data from 177 significant reservoirs were compiled, checked for consistency, and subjected to technical screening, reservoir simulation and preliminary economic evaluation. For Australias reservoirs discovered before June 1988, the "target" for EOR (i.e. oil-in place minus reserves) is estimated as 3914 million barrels. Of this, 2346 million barrels is offshore where miscible or immiscible processes appear to be most promising. 1568 million barrels is onshore, where miscible/immiscible gas flooding is applicable and where, in the event of technical or economic improvements, waterflooding with polymers may be applicable. A preliminary and optimistic estimate of economically recoverable oil at current prices is 709 million barrels. Results for individual fields have been given to the operating companies concerned. A major issue of concern is premature abandonment of existing wells and facilities, which can preclude future EOR opportunities