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Thailand - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights
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View PricingThailand's September 2023 Crude Oil Import Surges by 53% to $3B
Thailand Crude Oil Imports
In September 2023, purchases abroad of crude petroleum oil was finally on the rise to reach 4.8M tons for the first time since June 2023, thus ending a two-month declining trend. Over the period under review, total imports indicated a slight increase from September 2022 to September 2023: its volume increased at an average monthly rate of +1.1% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on September 2023 figures, imports decreased by -12.9% against June 2023 indices.
In value terms, crude oil imports soared to $3B (IndexBox estimates) in September 2023. In general, imports showed a relatively flat trend pattern.
COUNTRY | Import Value of Crude Oil in Thailand (million USD) | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep 2022 | Oct 2022 | Nov 2022 | Dec 2022 | Jan 2023 | Feb 2023 | Mar 2023 | Apr 2023 | May 2023 | Jun 2023 | Jul 2023 | Aug 2023 | Sep 2023 | |
United Arab Emirates | 719 | 946 | 1,513 | 1,095 | 1,376 | 1,251 | 923 | 1,165 | 1,083 | 1,381 | 1,163 | 762 | 1,486 |
Saudi Arabia | 689 | 132 | 325 | 357 | 606 | 558 | 246 | 434 | 635 | 429 | 366 | 92.4 | 401 |
United States | 306 | 330 | 105 | 342 | 321 | 259 | 170 | 321 | 408 | 382 | 288 | 183 | 393 |
Malaysia | 71.9 | 122 | 340 | 210 | 195 | 276 | 255 | 220 | 219 | 88.4 | 322 | 177 | 175 |
Libya | 117 | 83.0 | 118 | 253 | 179 | 153 | 77.0 | 200 | 25.9 | 71.3 | 29.7 | 167 | 100 |
Others | 834 | 480 | 500 | 710 | 923 | 653 | 627 | 568 | 624 | 625 | 697 | 552 | 394 |
Total | 2,736 | 2,093 | 2,901 | 2,966 | 3,601 | 3,149 | 2,298 | 2,908 | 2,996 | 2,977 | 2,866 | 1,934 | 2,950 |
Imports by Country
In September 2023, the United Arab Emirates (2.4M tons) constituted the largest supplier of crude oil to Thailand, with a 51% share of total imports. Moreover, crude oil imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Saudi Arabia (689K tons), fourfold. The third position in this ranking was taken by the United States (639K tons), with a 13% share.
From September 2022 to September 2023, the average monthly growth rate of volume from the United Arab Emirates stood at +7.1%. The remaining supplying countries recorded the following average monthly rates of imports growth: Saudi Arabia (-3.4% per month) and the United States (+2.2% per month).
In value terms, the United Arab Emirates ($1.5B) constituted the largest supplier of crude oil to Thailand, comprising 50% of total imports. The second position in the ranking was held by Saudi Arabia ($401M), with a 14% share of total imports. It was followed by the United States, with a 13% share.
From September 2022 to September 2023, the average monthly rate of growth in terms of value from the United Arab Emirates totaled +6.2%. The remaining supplying countries recorded the following average monthly rates of imports growth: Saudi Arabia (-4.4% per month) and the United States (+2.1% per month).
Import Prices by Country
In September 2023, the crude oil price amounted to $617 per ton (CIF, Thailand), with an increase of 6.2% against the previous month. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in November 2022 when the average import price increased by 8.9% month-to-month. As a result, import price reached the peak level of $686 per ton. From December 2022 to September 2023, the average import prices remained at a somewhat lower figure.
Average prices varied somewhat amongst the major supplying countries. In September 2023, the countries with the highest prices were Australia ($729 per ton) and Libya ($700 per ton), while the price for Saudi Arabia ($583 per ton) and the United Arab Emirates ($608 per ton) were amongst the lowest.
From September 2022 to September 2023, the most notable rate of growth in terms of prices was attained by Gabon (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.
This report provides an in-depth analysis of the crude oil market in Thailand. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
Country coverage:
- Thailand
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Thailand
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023