Chile: Crude Oil Market 2024

Crude Oil Market Size in Chile

The Chilean crude oil market expanded modestly to $X in 2022, increasing by 1.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a slight downturn. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Crude Oil Exports

Exports from Chile

Crude oil exports from Chile stood at X tons in 2022, therefore, remained relatively stable against the previous year's figure. In general, exports continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2020 with an increase of 28%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the near future.

In value terms, crude oil exports amounted to $X in 2022. Overall, exports saw a tangible expansion. The growth pace was the most rapid in 2013 with an increase of 0.7%. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Exports by Country

The Netherlands (X tons) was the main destination for crude oil exports from Chile, with a 59% share of total exports. Moreover, crude oil exports to the Netherlands exceeded the volume sent to the second major destination, the United States (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands totaled +8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (0.0% per year) and Panama (0.0% per year).

In value terms, the largest markets for crude oil exported from Chile were the Netherlands ($X), the United States ($X) and Panama ($X).

Among the main countries of destination, the United States, with a CAGR of 0.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, stabilizing at the previous year. Overall, the export price continues to indicate a perceptible descent. The growth pace was the most rapid in 2019 an increase of 76% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+3.7%).

Crude Oil Imports

Imports into Chile

In 2022, crude oil imports into Chile contracted markedly to X tons, with a decrease of -16.6% compared with 2021 figures. In general, imports recorded a slight setback. The pace of growth was the most pronounced in 2021 with an increase of 19% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, crude oil imports skyrocketed to $X in 2022. Over the period under review, imports saw a noticeable reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 87% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Brazil (X tons) constituted the largest supplier of crude oil to Chile, accounting for a 72% share of total imports. Moreover, crude oil imports from Brazil exceeded the figures recorded by the second-largest supplier, Ecuador (X tons), fourfold. The third position in this ranking was held by Angola (X tons), with a 7% share.

From 2012 to 2022, the average annual growth rate of volume from Brazil amounted to +11.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Ecuador (-6.3% per year) and Angola (+7.4% per year).

In value terms, Brazil ($X) constituted the largest supplier of crude petroleum oil to Chile, comprising 72% of total imports. The second position in the ranking was held by Ecuador ($X), with an 18% share of total imports. It was followed by Angola, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil stood at +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Ecuador (-7.2% per year) and Angola (+12.0% per year).

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, growing by 38% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 56% 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 noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Angola ($X per ton) and Argentina ($X per ton), while the price for Ecuador ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Angola (+4.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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