Uruguay

Uruguay faces moderate exposure to the ongoing global oil crisis due to its 100% oil import dependency, despite having no direct Hormuz exposure. Gasoline prices are elevated at $1.38/L, and while current reserves of 55 days offer a short-term buffer, the sustained high Brent crude price of $91.87/bbl will continue to strain the economy. The country's robust renewable energy sector provides a significant mitigating factor, reducing overall reliance on fossil fuels for electricity generation. However, without a domestic oil source, the outlook for the coming weeks suggests continued pressure on fuel costs and potential inflationary impacts, though its strong renewables will help stabilize the energy grid.