Australia’s crude oil imports tumble in December

Oil

Australia’s crude oil imports plummeted by 112K b/d (or 33%) m-o-m and 281K b/d (or 56%) y-o-y to 224K b/d in December, falling to a three-month low after previously reaching a seven-month high in November, according to data from the Department of Industry, Science, Energy and Resources. Exports also declined by 39K b/d m-o-m and 70K b/d y-o-y to 246K b/d, the lowest since July 2020. Crude oil production decreased by 10K b/d m-o-m to 129K b/d, whereas refinery throughputs increased by 13K b/d m-o-m to 462K b/d, rising for the fourth consecutive month to a nine-month high.  

Total oil product imports declined by 77K b/d m-o-m to a seven-month low of 473K b/d, with arrivals of diesel falling by 60K b/d m-o-m to 334K b/d. Imports of jet fuel also decreased by 15K b/d m-o-m and 88K b/d y-o-y to 33K b/d.