Report Update Nov 1, 2024

Colombia - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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Colombia: Crude Oil Market 2024

Crude Oil Market Size in Colombia

The Colombian crude oil market declined dramatically to $X in 2022, which is down by -22.2% against the previous year. Over the period under review, consumption recorded a pronounced reduction. Crude oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Crude Oil Production in Colombia

In value terms, crude oil production declined to $X in 2022 estimated in export price. Over the period under review, production recorded a deep downturn. The pace of growth was the most pronounced in 2021 with an increase of 24%. Crude oil production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Crude Oil Exports

Exports from Colombia

After two years of decline, shipments abroad of crude petroleum oil increased by 8.3% to X tons in 2022. Overall, exports, however, showed a noticeable contraction. The pace of growth was the most pronounced in 2014 with an increase of 20%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude oil exports contracted rapidly to $X in 2022. Over the period under review, exports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2021 with an increase of 57%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), China (X tons) and India (X tons) were the main destinations of crude oil exports from Colombia, together comprising 76% of total exports. Panama, Saint Lucia and the Netherlands lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the biggest increases were recorded for Saint Lucia (with a CAGR of +11.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crude oil exported from Colombia were the United States ($X), China ($X) and India ($X), together comprising 73% of total exports. Panama, Saint Lucia and the Netherlands lagged somewhat behind, together comprising a further 22%.

Among the main countries of destination, Saint Lucia, with a CAGR of +4.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, falling by -24.5% against the previous year. Over the period under review, the export price recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 when the average export price increased by 76% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to India ($X per ton) and Panama ($X per ton), while the average price for exports to China ($X per ton) and the United States ($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 India (-4.9%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Colombia

In 2022, after two years of growth, there was significant decline in supplies from abroad of crude petroleum oil, when their volume decreased by -33.9% to X tons. Overall, imports, however, posted a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 547%. As a result, imports reached the peak of X tons, and then contracted remarkably in the following year.

In value terms, crude oil imports declined rapidly to $X in 2022. In general, imports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 502%. As a result, imports attained the peak of $X, and then fell sharply in the following year.

Imports by Country

In 2022, the United States (X tons) was the main supplier of crude oil to Colombia, with a 97% share of total imports. It was followed by Panama (X tons), with a 2.5% share of total imports.

From 2020 to 2022, the average annual growth rate of volume from the United States totaled +129.0%.

In value terms, the United States ($X) constituted the largest supplier of crude petroleum oil to Colombia, comprising 99% of total imports. The second position in the ranking was taken by Panama ($X), with a 1.2% share of total imports.

From 2020 to 2022, the average annual rate of growth in terms of value from the United States totaled +94.2%.

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, declining by -11.8% against the previous year. Over the period under review, the import price continues to indicate a abrupt slump. The pace of growth appeared the most rapid in 2021 when the average import price decreased by -7%. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Panama amounted to $X per ton.

From 2020 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+2.0%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, China and Russia, with a combined 45% share of global consumption. These countries were followed by India, Saudi Arabia, South Korea, Japan, Brazil, Canada, Israel, Germany, the Netherlands and Thailand, which together accounted for a further 28%.

What are the largest producers of crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, Russia and Saudi Arabia, together comprising 42% of global production.

What are the leading suppliers of crude petroleum oil to Colombia?

In value terms, the United States constituted the largest supplier of crude oil to Colombia.

What are the leading importers of crude petroleum oil from Colombia?

In value terms, the largest markets for crude oil exported from Colombia were the United States, China and Panama, with a combined 80% share of total exports. These countries were followed by Saint Lucia, India, Bahamas and Ecuador, which together accounted for a further 13%.

What is the average export price for crude petroleum oil in Colombia?

The average crude oil export price stood at $445 per ton in 2021, picking up by 81% against the previous year.

What is the average import price for crude petroleum oil in Colombia?

The average crude oil import price stood at $485 per ton in 2021, growing by 87% against the previous year.

This report provides an in-depth analysis of the crude oil market in Colombia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Colombia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Colombia
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023