Bolivia

Bolivia maintains a low risk profile amidst the global energy crisis, benefiting from its natural gas reserves and only 10% oil import dependency. Gasoline is highly subsidized at $0.52/L, with 95 days of reserves providing a short-term buffer against price volatility. However, declining domestic gas production and the 48% increase in fertilizer costs, contributing to a moderate food risk, are placing increasing strain on the national budget due to these subsidies. The outlook suggests that while immediate fuel supply is secure, the fiscal burden of maintaining low prices will likely intensify in the coming weeks.