Regional consumption increased by 170,000 barrels per day year over year in July, with both countries accounting for more than half of the growth, according to OPEC’s monthly report released Tuesday.
The Daily Journal.- Brazil and Venezuela accounted for more than half of the year-over-year growth in Latin America’s oil demand in July, as regional consumption increased by approximately 170,000 barrels per day, according to the monthly report that the Organization of the Petroleum Exporting Countries (OPEC) released Tuesday.
OPEC noted that regional demand rose for the second consecutive month, driven by consumption of various petroleum derivatives and other energy products.
Among the fastest-growing categories, “other products,” which include ethanol, saw demand increase by approximately 50,000 barrels per day compared with July 2025. Ethanol consumption in Brazil accounted for nearly 80% of that increase.
Residual fuel oil consumption also rose by approximately 40,000 barrels per day year over year, while gasoline demand increased by around 30,000 barrels per day, reflecting slower growth than in June.
Meanwhile, jet fuel and kerosene consumption rose by about 20,000 barrels per day year over year for the second straight month. Demand for naphtha, a petrochemical feedstock, showed a similar recovery, while natural gas liquids and liquefied petroleum gas consumption remained virtually stable.
