MERCOSUR: Crude Oil Market 2024

Crude Oil Market Size in MERCOSUR

The MERCOSUR crude oil market reduced to $X in 2022, with a decrease of X% against the previous year. Overall, consumption saw a deep contraction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Production in MERCOSUR

In value terms, crude oil production expanded sharply to $X in 2022 estimated in export price. Overall, production, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports in MERCOSUR

In 2022, overseas shipments of crude petroleum oil increased by X% to X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports, however, saw a mild curtailment. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, crude oil exports surged to $X in 2022. In general, exports, however, recorded a noticeable descent. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Brazil was the key exporter of crude petroleum oil in MERCOSUR, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2022. Guyana (X tons) ranks second in terms of the total exports with an X% share, followed by Colombia (X%), Ecuador (X%) and Venezuela (X%). Argentina (X tons) took a minor share of total exports.

Brazil was also the fastest-growing in terms of the crude petroleum oil exports, with a CAGR of X% from 2012 to 2022. At the same time, Argentina (X%) displayed positive paces of growth. Guyana and Ecuador experienced a relatively flat trend pattern. By contrast, Colombia (X%) and Venezuela (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brazil and Guyana increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest crude oil supplier in MERCOSUR, comprising X% of total exports. The second position in the ranking was taken by Guyana ($X), with a X% share of total exports. It was followed by Colombia, with a X% share.

In Brazil, crude oil exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Guyana (X% per year) and Colombia (X% per year).

Export Prices by Country

In 2022, the export price in MERCOSUR amounted to $X per ton, surging by X% against the previous year. In general, the export price, however, showed a perceptible contraction. The growth pace was the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 Guyana ($X per ton), while Venezuela ($X per ton) was amongst the lowest.

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

Crude Oil Imports

Imports in MERCOSUR

Crude oil imports rose markedly to X tons in 2022, with an increase of X% against 2021. In general, imports, however, saw a slight shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, crude oil imports skyrocketed to $X in 2022. Over the period under review, imports, however, showed a perceptible reduction. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Brazil was the largest importing country with an import of about X tons, which accounted for X% of total imports. Chile (X tons) ranks second in terms of the total imports with a X% share, followed by Peru (X%) and Uruguay (X%). Colombia (X tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Colombia (with a CAGR of X%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Brazil ($X) constitutes the largest market for imported crude petroleum oil in MERCOSUR, comprising X% of total imports. The second position in the ranking was taken by Chile ($X), with a X% share of total imports. It was followed by Peru, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Brazil amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Chile (X% per year) and Peru (X% per year).

Import Prices by Country

In 2022, the import price in MERCOSUR amounted to $X per ton, jumping by X% against the previous year. Over the period under review, the import price, however, continues to indicate a slight setback. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Colombia ($X per ton) and Uruguay ($X per ton), while Chile ($X per ton) and Peru ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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