Latin America Region Report
In 2020, Brazilian state-owned company Petrobras still leads in the oil and gas industry in Latin America, based on annual sales, with more than $53bn worth of revenue. Mexican national oil corporation Petróleos Mexicanos (Pemex) ranked second, with almost $45bn of sales revenue. The fuel industry is recovering post-pandemic and from the mismanagement by government.
In 2019, Petrobras generated 302bn in revenues. Raízen generated a revenue of 120.6bn. Petrobras was still the leading fuel distributor in Latin America in most sectors it operated in. Petrobras do have rivals in the sectors of gasoline and diesel fuel – Raizen and Ipiranga each held one fifth of the market in 2019. During the past decade, smaller players have benefited from a small but continual market increase.
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