Latin America Oil Demand in June 2014

Source: OPEC 6/29/2014, Location: South America

Total oil consumption in Latin America is estimated to reach 6.73 mb/d in 2014, growing by around 0.23 mb/d from year-ago levels. These estimations remain unchanged from the previous month’s MOMR, supported by growth in the largest consuming nation of the region, Brazil.

In 1Q14, Brazil’s oil demand grew by 0.14 tb/d, or more than 6%, compared with the same quarter a year earlier. All product categories registered average-to-strong gains, with the exception of fuel oil. Transportation fuels, namely gasoline and ethanol are increasing the most, accelerating by more than 9% and 18%, respectively, hinting at improvement in the transportation sector ahead of the summer World Cup event. Consumption of diesel — which gained nearly 40 tb/d, or more than 4% — is seeing support for the same reason. Projections for gasoil demand should remain relatively healthy throughout 2Q14.

Overall oil demand in Brazil is expected to remain on track with initial projections, mainly because of the World Cup event in June, which is expected to provide support to overall oil consumption in the country. Demand is anticipated to moderate thereafter, as the Brazilian economy is generally expected to grow by around 2%, hence oil demand growth is expected to reach 0.14 mb/d, relatively unchanged from the previous month’s MOMR.

Gasoline consumption in Argentina, the third-largest oil consumer in the region with expected total consumption of 0.62 mb/d in February 2014, registered a rise over figures from the same period one year ago. Fuel oil, other products, jet/kerosene and gasoline have been the product categories most in demand, while LPG and diesel oil fell. Growth was 15 tb/d, or more than 2%, higher than over the same period in 2013. Latin American oil demand growth in 2013 is estimated at 0.23 mb/d. During 2014, Latin American oil demand is forecast to increase at the same level of about 0.23 mb/d.




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