Brazil: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in Brazil

The Brazilian market for crude oil and processed petroleum reduced to $X in 2022, with a decrease of X% against the previous year. Overall, consumption, however, showed a noticeable setback. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Production of Crude Oil and Processed Petroleum in Brazil

In value terms, crude oil and processed petroleum production fell slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a noticeable decline. The growth pace was the most rapid in 2018 with an increase of X%. Crude oil and processed petroleum production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Crude Oil and Processed Petroleum

Exports from Brazil

Crude oil and processed petroleum exports from Brazil rose sharply to X tons in 2022, surging by X% compared with the previous year. In general, exports continue to indicate a strong expansion. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, crude oil and processed petroleum exports skyrocketed to $X in 2022. Overall, exports recorded a strong increase. The pace of growth was the most pronounced in 2017 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

China (X tons) was the main destination for crude oil and processed petroleum exports from Brazil, with a X% share of total exports. Moreover, crude oil and processed petroleum exports to China exceeded the volume sent to the second major destination, Singapore (X tons), threefold. The United States (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and the United States (X% per year).

In value terms, China ($X) remains the key foreign market for crude oil and processed petroleum exports from Brazil, comprising X% of total exports. The second position in the ranking was held by Singapore ($X), with a X% share of total exports. It was followed by the United States, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and the United States (X% per year).

Export Prices by Country

The average export price for crude oil and processed petroleum stood at $X per ton in 2022, surging by X% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the Netherlands ($X per ton) and Singapore ($X per ton), while the average price for exports to India ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Crude Oil and Processed Petroleum

Imports into Brazil

In 2022, the amount of crude oil and processed petroleum imported into Brazil soared to X tons, with an increase of X% against 2021 figures. Overall, imports recorded a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, crude oil and processed petroleum imports surged to $X in 2022. Over the period under review, imports continue to indicate a mild increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest crude oil and processed petroleum supplier to Brazil, with a X% share of total imports. Moreover, crude oil and processed petroleum imports from the United States exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. Saudi Arabia (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Saudi Arabia (X% per year).

In value terms, the United States ($X) constituted the largest supplier of crude oil and processed petroleum to Brazil, comprising X% of total imports. The second position in the ranking was taken by India ($X), with a X% share of total imports. It was followed by Saudi Arabia, with a X% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Saudi Arabia (X% per year).

Import Prices by Country

In 2022, the average import price for crude oil and processed petroleum amounted to $X per ton, picking up by X% against the previous year. Overall, the import price, however, recorded a deep slump. The pace of growth was the most pronounced in 2018 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Algeria ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saint Lucia (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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