Oil Exports: Where Do Indonesia, Malaysia, And Brunei Sell?

Indonesia, Malaysia, and Brunei are three of the top oil-producing countries in Southeast Asia, with their exports contributing significantly to the global oil market. In this paragraph, we will explore the top destinations for their oil exports and the economic impact on these countries. Australia, Japan, and China are among the largest importers of crude petroleum from Brunei, while Malaysia and United Arab Emirates are significant trading partners for refined petroleum products. Indonesia's oil exports play a crucial role in its economy, with the country being the fourth-largest exporter of LNG in the Asia-Pacific region. Malaysia, on the other hand, has a diverse range of exports, including natural resources such as tin, rubber, and palm oil, in addition to oil. The oil industry in these countries has a substantial impact on their economic growth, with oil revenues contributing to a significant portion of their GDP.

Brunei's top oil export destinations

In 2022, Brunei exported $2.1 billion in crude petroleum, making it the 36th largest exporter of crude petroleum in the world. The main destinations for these exports were Australia ($998 million), Thailand ($288 million), India ($277 million), Singapore ($259 million), and Japan ($76.8 million).

The fastest-growing export markets for crude petroleum from Brunei between 2021 and 2022 were Australia ($374 million), Indonesia ($64.6 million), and South Korea ($62.5 million).

In 2022, the total exports of Brunei were valued at $14 billion, making it the 90th largest exporter in the world. The most exported products from Brunei in 2022 were refined petroleum ($4.94 billion), petroleum gas ($3.99 billion), crude petroleum ($2.1 billion), cyclic hydrocarbons ($1.98 billion), and nitrogenous fertilizers ($241 million).

The most common destinations for exports from Brunei in 2022 were Australia ($2.66 billion), Japan ($2.32 billion), China ($2.19 billion), Singapore ($1.97 billion), and Malaysia ($1.37 billion).

Malaysia's oil exports

Malaysia exports 25% of its oil production, or 192,511 barrels per day as of 2016. In December 2023, Malaysia exported 210,750 barrels of crude oil per day, up from 203,333 barrels per day in December 2022. The country's oil exports reached an all-time high of 472,955 barrels per day in 1991.

Malaysia's export destinations for crude oil and petroleum products include Australia, China, Japan, the United Arab Emirates, and the United States.

Malaysia has 3.6 billion barrels of proven oil reserves as of 2016, ranking 28th in the world and accounting for about 0.2% of the world's total oil reserves. The country's proven reserves are equivalent to 13.9 times its annual consumption. At current consumption levels, these reserves would last for about 14 years, excluding unproven reserves.

Indonesia's oil exports

Indonesia is the world's largest producer of palm oil. In 2010, agriculture accounted for about 13% of the nation's gross domestic product (GDP). The tropical climate and adequate rainfall provide for multiple crops of rice per year in many areas. Other agricultural products include spices, coffee, tea, palm oil, and rubber.

Indonesia's crude oil production peaked in 1979 at over 240,000 barrels per day. Since then, it has been deliberately cut back to extend the life of oil reserves and improve recovery rates. Petroleum production currently averages some 200,000 barrels per day. Japan has traditionally been the main customer for Indonesia's oil exports, but its share dropped from 45% of the total in 1982 to 19% in 1998. In contrast, oil exports to South Korea increased from only 8% of the total in 1982 to 29% in 1998. Other major customers include Taiwan (6%) and the countries of ASEAN (27%). Indonesia's oil exports to the United States accounted for 17% of the total exported.

Indonesia is also a significant exporter of liquefied natural gas (LNG), with Brunei being the ninth-largest producer of LNG in the world. Over 82% of Indonesia's LNG is sold to Japan under a long-term agreement. Indonesia has also supplied more than 700,000 tons of LNG to the Korea Gas Corporation since 1995. Indonesia is the fourth-largest exporter of LNG in the Asia-Pacific region, behind Malaysia, Australia, and Brunei.

Indonesia's non-petroleum industries include agriculture, forestry, fishing, and banking. The government has made efforts to diversify the economy away from oil and gas, with agriculture and fisheries being among the priority sectors for development.

How much oil does Brunei export?

Brunei is a small and wealthy country, with its economy almost entirely supported by exports of crude oil and natural gas. Oil and gas account for almost all exports, with revenues from the petroleum sector accounting for over half of the country's GDP.

In 2022, Brunei exported $2.1 billion worth of crude petroleum, making it the 36th largest exporter of crude petroleum in the world. The main destinations for these exports were Australia ($998 million), Thailand ($288 million), India ($277 million), Singapore ($259 million), and Japan ($76.8 million).

In 2021, the fastest-growing export markets for crude petroleum from Brunei were Australia ($374 million), Indonesia ($64.6 million), and South Korea ($62.5 million).

In 2016, Brunei produced 121,034.39 barrels of oil per day, ranking 45th in the world. That year, the country exported 91% of its oil production, or 109,747 barrels per day.

Brunei is the third-largest oil producer in Southeast Asia, averaging about 180,000 barrels per day. The country's proven oil and gas reserves are sufficient to last until at least 2035.

How much oil does Indonesia export?

Indonesia's oil exports are closely tied to its oil reserves, production, and consumption. As of 2016, Indonesia held 3,692,500,000 barrels of proven oil reserves, ranking 27th globally and accounting for about 0.2% of the world's total oil reserves. This amounts to approximately six years of oil left, based on current consumption levels and excluding unproven reserves.

Indonesia's oil consumption is significant, ranking 14th in the world. In 2016, the country consumed 1,623,000 barrels of oil per day, which is about 1.7% of the world's total consumption. To meet this demand, Indonesia produces 945,637.22 barrels of oil per day, making it the 22nd largest producer in the world. Additionally, Indonesia imports 4% of its oil consumption, which amounted to 61,829 barrels per day in 2016.

While the data is limited to 2016, it provides insight into Indonesia's oil exports. Indonesia's oil production exceeds its oil imports, indicating a potential surplus for export. However, the extent of exports would depend on the balance between production, imports, and domestic consumption, which may vary year to year.

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