Belize

Belize faces high energy vulnerability with an 80% oil import dependency, despite minor domestic oil production. Gasoline prices are already elevated at $1.28/L, and the country holds only 22 days of fuel reserves, indicating immediate pressure on its transportation and power sectors. While Belize has no direct exposure to the Strait of Hormuz, the global supply deficit of 17 mb/d and high Brent crude prices will continue to drive up import costs significantly. The outlook for Belize is challenging, as sustained high prices and potential supply chain disruptions could further strain its economy and increase inflation in the coming weeks.