Australia’s crude oil exports reach five month high in February

Oil

Australia’s crude oil exports increased by 81K b/d m-o-m and 102K b/d y-o-y to 297K b/d in February, rising to the highest level since September 2020 after previously tumbling to an eleven-month low in January, according to data from the Department of Industry, Science, Energy and Resources. Imports also grew by 40K b/d m-o-m to 293K b/d, a three-month high. Crude oil production declined by 10K b/d m-o-m to 105K b/d, falling for the fourth consecutive month to the lowest level since 2018, while refinery throughputs decreased by 30K b/d m-o-m and 123K b/d y-o-y to 398K b/d.

Total oil product imports edged up by 9K b/d m-o-m to a six-month high of 574K b/d, bolstered by shipments of gasoline which jumped up by 55K b/d m-o-m to 170K b/d. Imports of diesel and jet fuel fell however, declining by 33K b/d m-o-m to 353K b/d and 12K b/d m-o-m to 51K b/d respectively.