PORT OF SPAIN, Trinidad, CMC – The Energy Chamber of Trinidad and Tobago says despite an “immediate and significant spike” in the export of domestic crude production to the international market since 2018, “the overall trend reflects a persistent decline driven by falling domestic production”.
The Energy Chamber noted that since the closure of the Pointe-a-Pierre refinery in 2018, Trinidad and Tobago has transitioned to exporting all of its domestic crude oil production to the international market.
It said that currently the country exports three primary blends: BPTT’s Galeota Mix, Woodside’s Calypso Crude, and Heritage Petroleum’s Molo Crude. Together, these represent Trinidad and Tobago’s total production of approximately 50,000 barrels per day (bpd).
The Energy Chamber said, in contrast, before 2018, exports averaged only 30,000 bpd, consisting mainly of Galeota and Calypso crudes, while Heritage’s Molo Crude was refined locally.
“Despite the absolute increase in export volumes post-2018, the overall trend reflects a persistent decline driven by falling domestic production. This downward trajectory in output was evident even before the refinery’s closure and continues to limit the country’s foreign exchange (Forex) earning potential.”
It said compounding this volume decline is a cooling global market.
The Energy Chamber said crude prices are currently low, with West Texas Intermediate (WTI) at US$58 and Brent at US$63.
“These figures sit well below the US$100 peaks seen in 2022, continuing a downward price trend that further pressures the energy sector’s revenue generation,” the Energy Chamber added.
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