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Brazil Oil Demand - April 2017

Source: OPEC 4/20/2017, Location: South America

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In February 2017, oil demand in Brazil eased by 68 tb/d, or around 3% y-o-y. Total oil consumption in the country was 2.27 mb/d. The decline was led by fuel oil and ethanol, which eased by around 35% and 21% y-o-y, respectively. The reduction in fuel oil demand was on the back of strong hydropower usage, which dropped fuel oil demand in the power generation sector. With regard to transportation fuel, reduction in ethanol demand, a continuing trend, was due to a price rise of ethanol, which has reduced the product’s competitiveness compared to gasoline, which continued to see growth in February.

Gasoline consumption increased during the month by a solid 45 tb/d, or around 6.0% y-o-y, mainly due to drivers with flex fuel engines taking advantage of gasoline being more competitively priced against ethanol. Diesel oil demand growth faded in February with a y-o-y drop of 22 tb/d. Total diesel consumption was at 0.91 mb/d. The primary reason for this slowdown is the drop-off in economic activities from a number of sectors, mainly the industrial and construction sectors, although latter have shown slight improvements recently. The other middle distillate fuel, jet/kerosene, witnessed slower momentum in February, with a drop of around 8% y-o-y driven by a weak Brazilian economy. However, demand for transportation fuels in general is expected to pick-up slightly in the 2H17 when the country’s overall economic condition is foreseen to improve.

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