Jamaica Earns Over US$500Mn From Oil Exports Since 2024

• Jamaica has exported 4.5Mn barrels of petroleum products since the start of 2024, generating more than US$500Bn in export earnings, largely from sales to Trinidad and Tobago – Science, Energy, Telecommunications and Transport Minister, Hon. Daryl Vaz disclosed. He highlighted a major milestone: a new contract to supply Trinidad and Tobago with both high-sulphur and very-low-sulphur fuel oil, projected to generate J$14Bn (US$90Mn).
• Minister Vas also noted that the deal will further strengthen Jamaica’s energy trade position in the region. Between January and December 2024, the Government, through Petrojam, supplied 11.1Mn barrels of petroleum products to both domestic and export markets.
• “This volume was achieved through a combination of refining and importing finished petroleum products. Crude oil was sourced from key partners, including Barbados, Brazil, Colombia, and Ecuador, ensuring a diversified and stable supply chain,” Minister Vaz told the House.
• Looking ahead, Minister Vaz said Petrojam will focus on optimising operations while advancing cleaner energy solutions over the next three to five years. Plans include the production and supply of ultra-low sulphur diesel (ULSD), expanding access to environmentally friendly fuels, and strengthening the liquefied natural gas (LNG) supply to support energy diversification.
• The strategy supports Jamaica’s climate change agenda that emphasises greater use of solar energy, improved refinery efficiency, and increased production of sustainable biofuels.

(Source: Caribbean National Weekly)