The Australian crude oil market contracted markedly to $6B in 2024, declining by -25% against the previous year. Overall, consumption recorded a abrupt shrinkage. Over the period under review, the market attained the peak level at $25.1B in 2012; however, from 2013 to 2024, consumption stood at a somewhat lower figure.

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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.

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.

On March 24, 2025, the Brent crude oil price stood at 73.05 U.S. dollars per barrel, compared to 69.11 U.S. dollars for WTI oil and 75.11 U.S. dollars for the OPEC basket. These were slight increases compared to the previous weeks, which had seen some of the lowest prices in four years.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

In December 2024, the average monthly price of the Urals crude oil, Russia's major export oil brand, was approximately 62 U.S. dollars per barrel, having increased slightly 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 16.6 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 35.4 billion U.S. dollars in 2021. In physical terms, Russia supplied around 107 million metric tons of crude oil to China in 2023, 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 78 percent of oil and petroleum products imported into Slovakia in 2020. To compare, the dependence rate stood at nearly 69 percent in Lithuania, 30 percent in Germany, and 12 percent in the UK.

In financial year 2024, the average market price of gas in Sydney, Australia was 11.7 Australian dollars per gigajoule. This was a significant decrease from the previous year.

In 2024, the Australian palm oil market decreased by -15.8% to $79M, falling for the second consecutive year after two years of growth. Over the period under review, consumption showed a slight setback. Over the period under review, the market hit record highs at $113M in 2017; however, from 2018 to 2024, consumption failed to regain momentum.

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

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

In the fourth quarter of 2024, the average retail petrol price in Australia was 179.8 cents per liter. This marked a decrease compared to 194.9 cents per liter in the third quarter of 2023.

As at June 2022, the gas price index was measured at around 153.2 points. This marked an increase compared to the beginning of the measured period, 2005, when the index value was 100 points.

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The oil and gas exploration and development industry is a significant Australian industry. In 2000 the value of oil and gas produced was $10.5 billion. This meant that Australia remained more than self sufficient in petroleum, contributing to economic activity and avoiding the balance of payment pressure that importing that amount of petroleum would represent.

There is thus an incentive to maintain a healthy petroleum exploration and production industry. R&D for the upstream petroleum industry however, needs to be targeted to the requirements of the differing facets of the industry under the diverse conditions in which the industry operates or could operate. These conditions include changes in oil prices and perceptions of prospectivity, uncertain access to gas markets and the effects of international agreements such as the United Nations Framework Convention on Climate Change. Different petroleum companies also have differing exploration and production portfolios and different needs. Petroleum service industry companies try to meet industry?s needs. Governments have their own goals in promoting and regulating the industry and derive considerable revenues for economic rent applied to reserves held by the Crown.

In the above context, a range of scenarios was considered in a planning process prioritising future needs for petroleum R&D in Australia. In this context two groups of senior petroleum industry, research and government representatives carried out scenario planning workshops in 1998 and 1999 to define scenarios and associated R&D priorities to assist in planning and identifying opportunities for petroleum R&D.

The results of this study highlight core areas of R&D that are required under most of the scenarios. These are considered highest priority and high priority areas. Given the long time frame (in the order of 10 years) needed to develop and maintain R&D capability, this highlights for government, academia and industry the sustained effort needed for development and maintenance of capability particularly in these core areas of R&D.

In 1998 and 1999 when the workshops that formed the basis of this study were undertaken, Australia was arguably in the `low oil and gas price scenario?. This scenario puts an onus on government to support regional studies to promote exploration and most priority petroleum R&D. Under this scenario support from industry is substantially aimed at reducing cost. Although oil prices have increased, coincident increases in stock market pressures for competitive profits from the industry has arguably left the industry in 2001 still in the low oil and gas price scenario. Thus there remains a strong need to maintain a local petroleum R&D capability to meet Australia?s needs.

Australia Short Term Trading Market: Average Daily Ex Ante Gas Prices: Adelaide Hub data was reported at 12.780 AUD/GJ in Sep 2024. This records a decrease from the previous number of 13.860 AUD/GJ for Jun 2024. Australia Short Term Trading Market: Average Daily Ex Ante Gas Prices: Adelaide Hub data is updated quarterly, averaging 7.170 AUD/GJ from Sep 2010 (Median) to Sep 2024, with 57 observations. The data reached an all-time high of 29.740 AUD/GJ in Jun 2022 and a record low of 2.410 AUD/GJ in Dec 2010. Australia Short Term Trading Market: Average Daily Ex Ante Gas Prices: Adelaide Hub data remains active status in CEIC and is reported by Australian Energy Regulator. The data is categorized under Global Database’s Australia – Table AU.P005: Gas Prices.

In 2023, purchases abroad of crude palm oil decreased by -61.9% to 17 tons, falling for the second consecutive year after two years of growth.

Australia Victorian Gas Market: Average Daily Weighted Imbalance Prices data was reported at 12.070 AUD/GJ in Sep 2024. This records a decrease from the previous number of 13.570 AUD/GJ for Jun 2024. Australia Victorian Gas Market: Average Daily Weighted Imbalance Prices data is updated quarterly, averaging 5.030 AUD/GJ from Sep 2008 (Median) to Sep 2024, with 65 observations. The data reached an all-time high of 28.830 AUD/GJ in Jun 2022 and a record low of 1.300 AUD/GJ in Dec 2010. Australia Victorian Gas Market: Average Daily Weighted Imbalance Prices data remains active status in CEIC and is reported by Australian Energy Regulator. The data is categorized under Global Database’s Australia – Table AU.P005: Gas Prices. These are Imbalance weighted prices that use (forecast) imbalance volumes and prices for the five schedules each day.

In financial year 2024, the average market price of gas in Adelaide, Australia was 11.88 Australian dollars per gigajoule. This was a significant decrease from the previous year.

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

Groundnut Oil Price in Australia - 2023. Find the latest marketing data on the IndexBox platform.