Imports of crude oil totaled 6.665 million toe during the period, 313,200 toe more than in January-November 2023 (+4.9%).

According to the latest Energy Balance Forecast, published by the National Commission for Strategy and Forecasting (CNSP), crude oil production is expected to decline by 2027 at an average annual rate of 2.5%.

Thus, in 2024, 2.82 million toe of crude oil will be extracted (minus 3.1% compared to 2023), in 2025 2.74 million toe (minus 2.8%), in 2026 2.68 million toe (minus 2.2%) and in 2027 2.63 million toe (minus 1.9%).

According to the CNSP, this decrease will be the consequence of the natural decline of deposits and the maintenance of existing production units.

Imports of crude oil will increase from 7.35 million toe in 2023 to 7.8 million toe in 2027, at an average annual rate of 1.5%. After an expected 13.7% decline in 2024 to 6.34 million toe in 2024, imports will increase by 10.4% in 2025 to 7 million toe, by 7.4% in 2026 to 7.52 million toe and by 7.8% in 2027.