Brazil: Crude Oil Market 2024

Crude Oil Market Size in Brazil

The Brazilian crude oil market contracted modestly to $X in 2022, shrinking by X% against the previous year. Over the period under review, consumption, however, continues to indicate a pronounced descent. Crude oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Production in Brazil

In value terms, crude oil production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, showed a perceptible decrease. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Crude oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports from Brazil

In 2022, crude oil exports from Brazil rose slightly to X tons, with an increase of X% against the previous year. Over the period under review, exports posted buoyant growth. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, crude oil exports skyrocketed to $X in 2022. Overall, exports posted a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

China (X tons) was the main destination for crude oil exports from Brazil, with a X% share of total exports. Moreover, crude oil exports to China exceeded the volume sent to the second major destination, the United States (X tons), threefold. The third position in this ranking was held by Spain (X tons), with an X% share.

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

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

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

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, growing by X% against the previous year. Overall, the export price, however, continues to indicate a mild curtailment. The pace of growth appeared the most rapid in 2021 an increase of X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were the Netherlands ($X per ton) and Portugal ($X per ton), while the average price for exports to India ($X per ton) and the United States ($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 a decline.

Crude Oil Imports

Imports into Brazil

Crude oil imports into Brazil soared to X tons in 2022, increasing by X% against 2021. Overall, imports, however, continue to indicate a slight reduction. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, crude oil imports skyrocketed to $X in 2022. In general, imports, however, recorded a pronounced descent. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Saudi Arabia (X tons), the United States (X tons) and Nigeria (X tons) were the main suppliers of crude oil imports to Brazil, together comprising X% of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil suppliers to Brazil were Saudi Arabia ($X), the United States ($X) and Nigeria ($X), together accounting for X% of total imports.

The United States, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price, however, continues to indicate a mild decline. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Algeria ($X per ton) and the United States ($X per ton), while the price for Congo ($X per ton) and Angola ($X per ton) were 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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