The decline in crude oil exports is largely attributed to the impact of the COVID-19 pandemic, which led to a sharp decrease in global demand for crude oil. As a result, many countries, including Trinidad and Tobago, were forced to reduce their crude oil production and exports.
In addition to the impact of the COVID-19 pandemic, Trinidad and Tobago's crude oil exports have also been affected by the country's declining oil reserves. Trinidad and Tobago's oil reserves are estimated to be around 1.2 billion barrels, which is relatively small compared to other oil-producing countries in the region. As a result, Trinidad and Tobago is expected to face challenges in maintaining its current level of crude oil production and exports in the long term.
