Brazil: Crude Oil Market 2024

Crude Oil Market Size in Brazil

The Brazilian crude oil market stood at $X in 2022, remaining constant against the previous year. Overall, consumption, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 8.6% against the previous year. Crude oil consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Crude Oil Production in Brazil

In value terms, crude oil production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a mild slump. The pace of growth appeared the most rapid in 2018 with an increase of 17%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports from Brazil

In 2022, approx. X tons of crude petroleum oil were exported from Brazil; rising by 3.5% compared with the previous year. In general, exports enjoyed strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 36% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, crude oil exports surged to $X in 2022. Overall, exports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 56% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

China (X tons) was the main destination for crude oil exports from Brazil, accounting for a 40% 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. Spain (X tons) ranked third in terms of total exports with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +15.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+0.3% per year) and Spain (+24.1% per year).

In value terms, China ($X) remains the key foreign market for crude petroleum oil exports from Brazil, comprising 39% of total exports. The second position in the ranking was held by the United States ($X), with a 12% share of total exports. It was followed by Spain, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +13.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-0.9% per year) and Spain (+23.4% per year).

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, rising by 35% against the previous year. Overall, the export price, however, recorded a mild descent. The pace of growth appeared the most rapid in 2021 when the average export price increased by 62% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 ($X per ton) and Portugal ($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 (-0.2%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Brazil

In 2022, imports of crude petroleum oil into Brazil surged to X tons, with an increase of 58% against the year before. Overall, imports, however, continue to indicate a mild reduction. The pace of growth was the most pronounced in 2020 with an increase of 106% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, crude oil imports surged to $X in 2022. In general, imports, however, showed a perceptible decline. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

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, with a combined 74% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +48.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United States ($X) and Nigeria ($X) constituted the largest crude oil suppliers to Brazil, with a combined 74% share of total imports.

In terms of the main suppliers, the United States, with a CAGR of +43.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, rising by 44% against the previous year. Overall, the import price, however, continues to indicate a slight downturn. Over the period under review, average import prices attained the maximum 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 (+7.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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