According to preliminary figures from the National Statistics Office (ONE), the Dominican Republic’s oil bill for 2014 totaled US$4 billion, which represents a US$350 million reduction from the previous year, as reported in El Nuevo Diario. Oil imports accounted for 22.5% of all imports over the last year, says ONE.
Between January and September last year the highest price of oil on the international market was registered in July, when it hit an average of US$108 a barrel. In 2014, 35% of oil imports and derivatives came from the US market, and the Dominican Republic paid US$1.4 billion for these products.
From Venezuela (Petrocaribe agreement), the country purchased US$909 million (23%). The DR’s third largest fuel supplier was Trinidad and Tobago (including natural gas), where the DR spent US$700 million (19%). Mexico sold oil suppliers for US$394.9 million (10%).