Colombia: Crude Oil Market 2025

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

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