Lubricant Oils Export of Venezuela: The Trade Analysis of 2024

Lubricant oil is a category of fluids used for reducing and promoting the friction and heat between moving mechanical parts. It is widely used in industrial sectors and the automotive industries as engine oils, gear oils, and hydraulic oils. The universal need across different kinds of industries and the machinery and transportation dependence on lubricant oils for wear and tear increased, and machine overheating has maintained the continuity in the global trade. Venezuela Import Data says, the country in the northern part of South America, bordered by Colombia and Brazil to the south, has established itself as a leading substantial contributor to the worldwide export market of lubricant oils due to the major export ports in proximity to Panama Canal shipping lanes.

The establishment of the trade links, along with the competitive freight distances to key markets, has resulted in a total valuation of lubricant oil exports worth 386 million US dollars in 2024. The government's emphasis on hydrocarbon export revenues and the skilled workforce experienced in oil operations has benefited the trade. Subscribe to Import Globals, the leading Venezuela importexport trade provider, to stay updated with the latest information regarding the lubricant oil exports of the nation via the Venezuela trade data.

GOVERNMENT INITIATIVES SUPPORTING THE LUBRICANT OIL EXPORTS OF VENEZUELA IN 2024

The legal framework allowing foreign participation and export of derivatives has opened up legal help to attract foreign investment and technical knowledge for expanding the market reach. The establishment of spatial economic zones has encouraged foreign or regional firms to invest in packaging plants. The regulatory framework that allows derivatives and mixed company exports under state supervision has broadened the export portfolio beyond crude oil.

The efforts to revive and expand overseas export markets have increased the export capacity while maintaining a proper export momentum. The political strategic willingness to use the hydrocarbon sector for attracting foreign investment has enabled an environment for international regional players. It has translated into expanded lubricant production for increasing global competitiveness. 

THE LEADING VARIANTS OF LUBRICANT OILS EXPORTED FROM VENEZUELA IN 2024

The country, with its refinery product slats and regional demand recovery, has recorded diversity in the global trade output. As per the Venezuela Export Data, the top 10 leading variants of lubricant oils exported from the nation in 2024 are,

  • Base oils (mineral / paraffinic) - The annual valuation of Base oils (mineral / paraffinic) exported from Venezuela in 2024 - 92 million US dollars 
  • Base oils (naphthenic, synthetic)- The annual valuation of Base oils exported from Venezuela in 2024 - 76 million US dollars 
  • Engine oils/motor oils- The annual valuation of Engine oils/motor oils exported from Venezuela in 2024 - 54 million US dollars 
  • Hydraulic oils- The annual valuation of Hydraulic oils exported from Venezuela in 2024 - 45 million US dollars 
  • Gear oils- The annual valuation of Gear oils exported from Venezuela in 2024 - 39 million US dollars 
  • Industrial lubricants- The annual valuation of Industrial lubricants exported from Venezuela in 2024 - 28 million US dollars 
  • Transformer oils- The annual valuation of Transformer oils exported from Venezuela in 2024 - 24 million US dollars 
  • Compressor oils- The annual valuation of Compressor oils exported from Venezuela in 2024 - 21 million US dollars 
  • Turbine oils- The annual valuation of Turbine oils exported from Venezuela in 2024 - 18 million US dollars 
  • Bitumen-cut / residual oils- The annual valuation of Bitumen-cut / residual oils exported from Venezuela in 2024 - 15 million US dollars

TOP 10 EXPORT TRADE PARTNERS OF VENEZUELA IN 2024

The export potential through regional hubs and the competitive trade distances has benefited the bilateral relationship. According to the Venezuela Customs Data, the top 10 export trade partners of the nation for lubricant oils exported in 2024 are,

  • United States - The total valuation of lubricant oils exported from Venezuela to the United States in 2024 – 89 million US dollars 

Top 5 variants of lubricant oils exported 

  • Automatic transmission fluid (ATF)
  • CVT transmission fluid
  • Dual-clutch transmission fluid (DCT)
  • Power steering fluid
  • Fork oil (motorcycle)
  • China - The total valuation of lubricant oils exported from Venezuela to China in 2024 - 72 million US dollars 

Top 5 variants of lubricant oils exported 

  • Worm gear oil
  • Automotive differential oil
  • Transfer case oil
  • Transmission oil
  • Manual transmission fluid (MTF)
  • Brazil - The total valuation of lubricant oils exported from Venezuela to Brazil in 2024 – 51 million US dollars 

Top 5 variants of lubricant oils exported 

  • Gear oil (75W-140)
  • Mineral gear oil
  • Synthetic gear oil
  • EP (extreme-pressure) gear oil
  • Industrial gear oil
  • Colombia - The total valuation of lubricant oils exported from Venezuela to Colombia in 2024 – 43 million US dollars 

Top 5 variants of lubricant oils exported 

  • Steam turbine oil
  • Gas turbine oil
  • Circulating lubricating oil
  • Gear oil (80W-90)
  • Gear oil (75W-90)
  • Mexico - The total valuation of lubricant oils exported from Venezuela to Mexico in 2024 – 32 million US dollars 

Top 5 variants of lubricant oils exported 

  • HLP hydraulic oil
  • HL hydraulic oil
  • HVLP hydraulic oil
  • Turbine oil
  • Synthetic turbine oil
  • India - The total valuation of lubricant oils exported from Venezuela to India in 2024 – 29 million US dollars 

Top 5 variants of lubricant oils exported 

  • Synthetic hydraulic oil
  • Fire-resistant hydraulic fluid
  • Biodegradable hydraulic oil
  • Tractor hydraulic fluid
  • AW (anti-wear) hydraulic oil
  • Spain - The total valuation of lubricant oils exported from Venezuela to Spain in 2024 – 25 million US dollars 

Top 5 variants of lubricant oils exported 

  • Reciprocating compressor oil
  • Air tool oil
  • Pneumatic oil
  • Hydraulic oil (ISO 32)
  • Hydraulic oil (ISO 46)
  • Netherlands - The total valuation of lubricant oils exported from Venezuela to the Netherlands in 2024 – 22 million US dollars 

Top 5 variants of lubricant oils exported 

  • Natural gas engine oil
  • Compressor oil
  • Synthetic compressor oil
  • Refrigeration compressor oil
  • Screw compressor oil
  • Singapore - The total valuation of lubricant oils exported from Venezuela to Singapore in 2024 – 18 million US dollars 

Top 5 variants of lubricant oils exported 

  • Four-stroke engine oil
  • Motorcycle engine oil
  • Racing engine oil
  • Break-in oil
  • Bio-based engine oil
  • Turkey - The total valuation of lubricant oils exported from Venezuela to Turkey in 2024 – 16 million US dollars 

Top 5 variants of lubricant oils exported 

  • Diesel synthetic oil (5W-40)
  • Heavy-duty engine oil
  • Turbo-diesel engine oil
  • Marine engine oil
  • Two-stroke engine oil

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