Latin America and the Caribbean: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in Latin America and the Caribbean

The Latin American market for crude oil and processed petroleum shrank significantly to $X in 2022, falling by X% against the previous year. Over the period under review, consumption, however, continues to indicate a deep contraction. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Production of Crude Oil and Processed Petroleum in Latin America and the Caribbean

In value terms, crude oil and processed petroleum production skyrocketed to $X in 2022 estimated in export price. In general, production, however, showed a abrupt setback. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Crude Oil and Processed Petroleum

Exports in Latin America and the Caribbean

In 2022, shipments abroad of crude oil and processed petroleum increased by X% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports, however, showed a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude oil and processed petroleum exports skyrocketed to $X in 2022. In general, exports, however, saw a perceptible setback. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Brazil (X tons) and Mexico (X tons) were the main exporters of crude oil and processed petroleum in Latin America and the Caribbean, together comprising X% of total exports. It was distantly followed by Colombia (X tons), Guyana (X tons) and Ecuador (X tons), together constituting a X% share of total exports. The following exporters - Venezuela (X tons) and Argentina (X tons) - together made up X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Guyana (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Mexico ($X) and Guyana ($X) were the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

Among the main exporting countries, Guyana, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, rising by X% against the previous year. In general, the export price, however, saw a slight setback. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Argentina ($X per ton), while Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (X%), while the other leaders experienced a decline in the export price figures.

Imports of Crude Oil and Processed Petroleum

Imports in Latin America and the Caribbean

In 2022, the amount of crude oil and processed petroleum imported in Latin America and the Caribbean surged to X tons, rising by X% against 2021. In general, imports posted a buoyant increase. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, crude oil and processed petroleum imports skyrocketed to $X in 2022. Overall, imports enjoyed tangible growth. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Mexico (X tons), Brazil (X tons) and Panama (X tons) represented the largest importer of crude oil and processed petroleum in Latin America and the Caribbean, constituting X% of total import. It was distantly followed by Chile (X tons), creating a X% share of total imports. Guatemala (X tons), Peru (X tons), Colombia (X tons), Argentina (X tons) and Ecuador (X tons) followed a long way behind the leaders.

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

In value terms, Mexico ($X), Brazil ($X) and Panama ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for X% of total imports.

Panama, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, rising by X% against the previous year. In general, the import price, however, recorded a abrupt curtailment. The growth pace was the most rapid in 2018 when the import price increased by X%. Over the period under review, 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 importing countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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