This energy crisis and the geopolitical turmoil it created war in ukraine It caused major changes in the list of countries bought by Spain Oil. Amid the commercial turmoil in the global oil sector, Spanish companies clung to the supplier countries on the other side of the oil sector, as all actors adjusted to the new international scenario created by the military invasion launched by Russia and its impact on international relations. Atlantic to sustain crude oil imports.
Spain’s economy has increased oil purchases Latin America until it becomes a new reference supplier market. According to the latest data, imports to South and Central American countries more than doubled (+11%) and purchases from Mexico continued to increase (+17.5%), confirming that they were the largest supplier last year. June Petroleum Products Strategic Reserves (Core) Authority.
Spain is also finding new suppliers amid the energy crisis, which has so far only made a symbolic contribution to imports as a whole. last year, crude oil purchases Colombia almost quadrupledArrivals from Brazil, a major traditional supplier, jumped by 45%, imports from Venezuela resumed, and supplies from Trinidad and Tobago quadrupled.
South and Central American countries accounted for a total of 15.5% of all Spanish crude oil imports during the last rolling year, compared to only 4.5% they represented in 2021, the last full year before Russia’s military invasion of Ukraine began. concentrated. Purchases from North America (USA, Canada and Mexico) increased to 27.2% of the total last year, compared to 23% pre-war.
Mexican established itself as the main supplier of crude oil. Spain (12.1% of total supply), the United States (10.2%), Brazil (9%) and traditional major suppliers such as Saudi Arabia and Iraq (both 7%) ) in front. Before the war, at the end of 2021, Mexico was already the main supplier and held 13% of the national supply, but represented only 7% of US crude oil purchases and Brazil only 3.7%.
More than a year without Russian crude
The European Union has been establishing a system of economic and trade sanctions against Russia for the past year to reduce Russia’s income and to block the financing of the Kremlin’s military invasion of Ukraine. While the government of Vladimir Putin and the country’s energy companies have put in place different shortcuts to circumvent the sanctions through intermediary countries, the measures imposed by the Twenty-Seven include a veto on oil imports from Russia.
Spanish companies began to drastically reduce their exposure to Russian oil with the onset of the war, and now they have accumulated fifteen months in a row. cut off the supply completely Russia. After increasing imports by 162% in 2021, intensifying 4.6% of the total national supply, the upward trajectory continued in January last year, but cutbacks in imports accumulated between February and April. Since May 2022, the entry of Russian crude oil into the Spanish market was zero, according to the Cores statistical series, which confirms that there have been no purchases from Russian oil companies for 15 months.