Latin America and the Caribbean: Crude Oil Market 2025

Crude Oil Market Size in Latin America and the Caribbean

The Latin American crude oil market skyrocketed to $X in 2022, jumping by 332% against the previous year. Overall, consumption showed strong growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Crude Oil Production in Latin America and the Caribbean

In value terms, crude oil production rose significantly to $X in 2022 estimated in export price. Overall, production continues to indicate a noticeable reduction. The pace of growth was the most pronounced in 2021 with an increase of 23% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Crude Oil Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of crude petroleum oil were exported in Latin America and the Caribbean; dropping by -14% on 2021 figures. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 32%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, crude oil exports surged to $X in 2022. Over the period under review, exports continue to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2021 with an increase of 36%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Brazil (X tons) and Mexico (X tons) represented the largest exporters of crude petroleum oil in Latin America and the Caribbean, together comprising 68% of total exports. Colombia (X tons) took the next position in the ranking, followed by Ecuador (X tons). All these countries together held approx. 25% share of total exports. Argentina (X tons) and Trinidad and Tobago (X tons) took a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +9.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil supplying countries in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Colombia ($X), with a combined 83% share of total exports.

In terms of the main exporting countries, Brazil, with a CAGR of +7.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, growing by 37% against the previous year. Over the period under review, the export price, however, recorded a perceptible decline. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Argentina ($X per ton), while Trinidad and Tobago ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (-0.7%), while the other leaders experienced a decline in the export price figures.

Crude Oil Imports

Imports in Latin America and the Caribbean

In 2022, after four years of decline, there was significant growth in supplies from abroad of crude petroleum oil, when their volume increased by 32% to X tons. Overall, imports, however, showed a pronounced descent. Over the period under review, imports reached the maximum 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, however, showed a pronounced contraction. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Brazil represented the major importer of crude petroleum oil in Latin America and the Caribbean, with the volume of imports accounting for X tons, which was approx. 34% of total imports in 2022. Chile (X tons) took an 18% share (based on physical terms) of total imports, which put it in second place, followed by Panama (14%), Peru (8.6%), the Dominican Republic (5.6%) and Uruguay (5.5%). Saint Lucia (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Dominican Republic (with a CAGR of +19.5%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Brazil ($X) constitutes the largest market for imported crude petroleum oil in Latin America and the Caribbean, comprising 40% of total imports. The second position in the ranking was taken by Chile ($X), with a 20% share of total imports. It was followed by Panama, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil amounted to -2.8%. The remaining importing countries recorded the following average annual rates of imports growth: Chile (-2.1% per year) and Panama (-9.0% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, rising by 21% against the previous year. Overall, the import price, however, saw a noticeable decrease. The pace of growth appeared the most rapid in 2021 an increase of 27%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Uruguay ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (-0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :