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Latin America Oil Demand in October 2014

Source: OPEC 10/21/2014, Location: South America

In Brazil, July’s oil demand data was promising compared with the previous month. Total oil demand growth almost reached 90 tb/d, or around 3.7%, y-o-y after a modest rise a month earlier. Total oil demand stood at 2.46 mb/d in July. Transportation fuels were yet again the main driver behind this growth with consumption of gasoline and ethanol rising by around 5%. Diesel eased marginally compared with the same month last year, declining by just around 5 tb/d, in line with slower economic momentum. Jet/kerosene saw slight growth of around 4 tb/d or 3.1% y-o-y. Fuel oil consumption was on the rise compared with July 2013, growing by around 40 tb/d y-o-y, largely the result of a lower base line.

The latest Ecuadorian data for July 2014 show higher oil requirements by around 10 tb/d or 4% compared to the same month last year. Gasoline and diesel requirements rose, while LPG and fuel oil demand shrank.

In Argentina, oil demand continued to grow despite economic concerns in the country. However, all transportation fuels (gasoline, jet/kerosene and diesel oil) declined by 6.1%, 1.5% and 2.3%, respectively, a reflection of slower economic activity. LPG and other products, on the other hand, led most of the demand growth with LPG rising by more than 18% while other products increased by around 26%. The risks for 2014 oil demand in the Latin America are currently balanced despite the fact that slower economic momentum in the country has yet to be reflected in oil demand consumption. In 2015, expectations of oil demand growth remain within the same levels as anticipated last month. For 2015, oil demand projections in Latin America are unchanged from last month’s expectations and indicate growth levels similar to 2014. Latin American oil demand is expected to grow by around 0.23 mb/d in both 2014 and 2015.

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