Brazil: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Brazil

The Brazilian market for processed petroleum oils and distillates soared to $X in 2022, picking up by 17% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Processed Petroleum Oils and Distillates in Brazil

In value terms, processed petroleum oils and distillates production declined to $X in 2022 estimated in export price. Over the period under review, production, however, saw a pronounced curtailment. The pace of growth was the most pronounced in 2018 with an increase of 18% against the previous year. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Brazil

In 2022, overseas shipments of processed petroleum oils and distillates increased by 20% to X tons, rising for the sixth year in a row after four years of decline. Overall, exports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2018 when exports increased by 66%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, processed petroleum oils and distillates exports soared to $X in 2022. In general, exports posted prominent growth. The pace of growth was the most pronounced in 2018 with an increase of 135%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Singapore (X tons) was the main destination for processed petroleum oils and distillates exports from Brazil, with a 50% share of total exports. Moreover, processed petroleum oils and distillates exports to Singapore exceeded the volume sent to the second major destination, the Netherlands (X tons), sevenfold. The United States (X tons) ranked third in terms of total exports with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore totaled +16.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-7.8% per year) and the United States (+22.8% per year).

In value terms, Singapore ($X) remains the key foreign market for processed petroleum oils and distillates exports from Brazil, comprising 45% of total exports. The second position in the ranking was taken by the United States ($X), with a 7.5% share of total exports. It was followed by the Netherlands, with a 6.8% share.

From 2012 to 2022, the average annual growth rate of value to Singapore stood at +16.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+24.5% per year) and the Netherlands (-6.4% per year).

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, growing by 49% against the previous year. Over the period under review, the export price recorded a slight expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Argentina ($X per ton) and the United States ($X per ton), while the average price for exports to South Africa ($X per ton) and Singapore ($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 Marshall Islands (+16.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into Brazil

In 2022, processed petroleum oils and distillates imports into Brazil surged to X tons, increasing by 77% compared with 2021. Overall, imports continue to indicate a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. In general, imports showed a notable expansion. As a result, imports reached 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 supplier of processed petroleum oils and distillates to Brazil, accounting for a 63% share of total imports. Moreover, processed petroleum oils and distillates imports from the United States exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. The third position in this ranking was held by the Netherlands (X tons), with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +22.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+12.6% per year) and the Netherlands (+10.5% per year).

In value terms, the United States ($X) constituted the largest supplier of processed petroleum oils and distillates to Brazil, comprising 56% of total imports. The second position in the ranking was held by India ($X), with a 22% share of total imports. It was followed by the Netherlands, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+4.7% per year) and the Netherlands (+0.4% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, almost unchanged from the previous year. In general, the import price, however, recorded a abrupt downturn. The growth pace was the most rapid in 2017 an increase of 14% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from India ($X per ton) and the Netherlands ($X per ton), while the price for the United States ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-7.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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