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Inventories

12 Months Ended

Dec. 31, 2023

Inventories

8.Inventories

The inventories balance is presented net of the allowance for inventory losses.


		2023		2022
Crude oil (1)		4,715,047		5,971,109
Fuels and petrochemicals (2)		2,356,585		3,241,154
Materials for goods production		3,130,816		2,667,771
		10,202,448		11,880,034

(1)	The variation is mainly due to higher consumption of crude oil inventories due to higher loads and processing of intermediate streams.

(2)	The variation is mainly due to the lower level of imported product due to better operations in refineries, which reduces the weighted valuation.

The following are the changes of the allowances for losses for the years ended December 31, 2023, 2022 and 2021:


		2023		2022		2021
Opening balance		(128,797)		(127,662)		(109,549)
Additions		(23,373)		(18,236)		(58,437)
Increase due to business combination		—		—		(2,837)
Foreign currency translation		6,873		(3,591)		(1,449)
Other		(44,581)		20,692		44,610
Closing balance		(189,878)		(128,797)		(127,662)

Crude oil, fuel, and petrochemicals inventories are adjusted to the lower of cost and net realizable value, mainly due to fluctuations in international crude oil prices. The amount recorded for this in 2023 was $(10,660) (2022 - $133,164; 2021 - $23,785).