MERCOSUR: Crude Oil Market 2024

Crude Oil Market Size in MERCOSUR

The MERCOSUR crude oil market surged to $X in 2022, jumping by 417% against the previous year. Over the period under review, consumption saw buoyant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Crude Oil Production in MERCOSUR

In value terms, crude oil production stood at $X in 2022 estimated in export price. Overall, production, however, showed a noticeable descent. The growth pace was the most rapid in 2021 when the production volume increased by 28% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Crude Oil Exports

Exports in MERCOSUR

Crude oil exports contracted to X tons in 2022, with a decrease of -10.7% compared with 2021. In general, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 50% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude oil exports declined to $X in 2022. Overall, exports continue to indicate a pronounced decline. The pace of growth appeared the most rapid in 2021 with an increase of 50% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Brazil represented the major exporting country with an export of around X tons, which amounted to 57% of total exports. It was distantly followed by Colombia (X tons) and Ecuador (X tons), together creating a 37% share of total exports. Argentina (X tons) and Venezuela (X tons) followed a long way behind the leaders.

Brazil was also the fastest-growing in terms of the crude petroleum oil exports, with a CAGR of +9.2% from 2012 to 2022. At the same time, Argentina (+2.3%) displayed positive paces of growth. Ecuador experienced a relatively flat trend pattern. By contrast, Colombia (-3.2%) and Venezuela (-23.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brazil increased by +33 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest crude oil supplier in MERCOSUR, comprising 64% of total exports. The second position in the ranking was taken by Colombia ($X), with a 14% share of total exports. It was followed by Ecuador, with a 9% share.

In Brazil, crude oil exports increased at an average annual rate of +7.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Colombia (-10.1% per year) and Ecuador (-7.3% per year).

Export Prices by Country

In 2022, the export price in MERCOSUR amounted to $X per ton, picking up by 12% against the previous year. Overall, the export price, however, showed a pronounced downturn. The growth pace was the most rapid in 2021 an increase of 42%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Argentina ($X per ton), while Colombia ($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 MERCOSUR

In 2022, purchases abroad of crude petroleum oil increased by 16% to X tons, rising for the third consecutive year after two years of decline. Overall, imports, however, continue to indicate a slight slump. The most prominent rate of growth was recorded in 2021 with an increase of 21% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, crude oil imports skyrocketed to $X in 2022. Over the period under review, imports, however, continue to indicate a pronounced setback. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Brazil was the largest importing country with an import of about X tons, which recorded 51% of total imports. Chile (X tons) took a 27% share (based on physical terms) of total imports, which put it in second place, followed by Peru (13%) and Uruguay (8.2%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Uruguay (with a CAGR of +0.5%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, Brazil ($X) constitutes the largest market for imported crude petroleum oil in MERCOSUR, comprising 57% of total imports. The second position in the ranking was taken by Chile ($X), with a 28% share of total imports. It was followed by Uruguay, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value in Brazil stood at -2.8%. In the other countries, the average annual rates were as follows: Chile (-2.1% per year) and Uruguay (-0.2% per year).

Import Prices by Country

In 2022, the import price in MERCOSUR amounted to $X per ton, surging by 41% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced curtailment. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: 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