Uruguay

Uruguay faces moderate energy security risks despite its 100% oil import dependency, as it has no direct exposure to the Strait of Hormuz disruption. Gasoline prices are elevated at $1.38/L, and the country maintains a healthy 55 days of oil reserves. Its robust renewable energy sector significantly mitigates the impact of high crude prices on overall energy costs. The outlook suggests continued reliance on global oil markets, but its diversified energy mix provides a substantial buffer against severe economic shocks in the coming weeks.