Oil demand in Latin America is projected to grow by 0.23 mb/d in 2014 to reach 6.73 mb/d. April 2014 product growth in Brazil showed a rise in consumption as compared to last year. The growth level was above 0.1 mb/d or 4.5% y-o-y. All products showed positive growth with the exception of LPG and diesel oil, which weakened slightly. Transportation products, namely gasoline and ethanol, recorded the highest gains, by 72 tb/d and 31 tb/d, respectively. More significant was the growth of fuel oil in percentage terms as it grew by more than 25% y-o-y. The main reason can be attributed to construction work and activities in preparation for the World Cup.
In Argentina , which accounts for around 11% of Latin America’s oil demand, oil product consumption in the country fell marginally in April 2014 according to the latest data and total oil demand growth decreased marginally, too. In terms of product performance, fuel oil, other products and gasoline were on the rise while LPG, jet/kerosene and diesel oil decreased.
In 2014, Latin American oil demand expanded by 0.23 mb/d, similar to the levels seen in 2013.
