Venezuela: Market for Petroleum Lubricating Oil And Grease 2025

Market Size for Petroleum Lubricating Oil And Grease in Venezuela

The Venezuelan market for petroleum lubricating oil and grease dropped slightly to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Production of Petroleum Lubricating Oil And Grease in Venezuela

In value terms, petroleum lubricating oil and grease production reduced to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. Petroleum lubricating oil and grease production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Petroleum Lubricating Oil And Grease

Exports from Venezuela

Petroleum lubricating oil and grease exports from Venezuela surged to X tons in 2022, picking up by X% compared with 2021. Over the period under review, exports, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, petroleum lubricating oil and grease exports skyrocketed to $X in 2022. Overall, exports, however, showed a abrupt setback. The pace of growth was the most pronounced in 2021 with an increase of X%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia (X tons) was the main destination for petroleum lubricating oil and grease exports from Venezuela, with a X% share of total exports. Moreover, petroleum lubricating oil and grease exports to Colombia exceeded the volume sent to the second major destination, El Salvador (X tons), threefold. The third position in this ranking was taken by the Dominican Republic (X kg), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Colombia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (X% per year) and the Dominican Republic (X% per year).

In value terms, El Salvador ($X), Panama ($X) and Colombia ($X) were the largest markets for petroleum lubricating oil and grease exported from Venezuela worldwide, with a combined X% share of total exports.

Among the main countries of destination, Panama, with a CAGR of X%, 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

The average export price for petroleum lubricating oil and grease stood at $X per ton in 2022, picking up by X% against the previous year. In general, export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, petroleum lubricating oil and grease export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of X%. The export price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Colombia ($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 Panama (X%), while the prices for the other major destinations experienced a decline.

Imports of Petroleum Lubricating Oil And Grease

Imports into Venezuela

In 2022, supplies from abroad of petroleum lubricating oil and grease increased by X% to X tons, rising for the fifth consecutive year after three years of decline. Over the period under review, imports, however, saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, petroleum lubricating oil and grease imports skyrocketed to $X in 2022. In general, imports, however, saw a noticeable contraction. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

France (X tons), Canada (X tons) and the United States (X tons) were the main suppliers of petroleum lubricating oil and grease imports to Venezuela, together accounting for X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum lubricating oil and grease suppliers to Venezuela were France ($X), the United States ($X) and Argentina ($X), with a combined X% share of total imports.

Among the main suppliers, France, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for petroleum lubricating oil and grease amounted to $X per ton, with an increase of X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Argentina ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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