Related Articles
In depth
Forward article link
Share PDF with colleagues

Latin America's continental contraction

The region has seen a decade of surging crude consumption come to a crashing halt. Refining woes mean imports are still on the rise

For most of the world, the economics of fuel demand are fairly straightforward. When oil prices fall, consumers take advantage and burn more of the stuff. As fuel prices fell in the US, drivers almost immediately started hopping back into gas-guzzling SUVs and rekindled their love of the great American road trip. Drivers across Europe, China and elsewhere have also taken advantage of cheaper pump prices, fueling strong global demand growth. In Latin America's commodity-dependent economies, though, that calculus is flipped on its head. Crashing prices for crude and other raw materials have inflicted economic pain across the region, hitting hard an emergent middle class that was behind a deca

Also in this section
The Zohr effect
15 March 2018
Hopes are high of fresh finds in the area
Full speed ahead for Egypt's gas
15 March 2018
Eni's parallel-development method has enabled it to smash records at its mega-giant Zohr gas project. Petroleum Economist was given exclusive access to the onshore operations
Hurdles face putative Asia-Pacific LNG hubs
14 March 2018
Singapore, Shanghai and Japan all wish to become trading hubs and price-reporting agencies are trying to establish benchmarks