Spain has been broadening its approach to sourcing crude oil, turning to reliable partners across the Atlantic. Imports from North America and Latin America now comprise a sizable portion of the country’s crude purchases, reflecting a broader realignment in global energy trade amid geopolitical shifts. As the world’s oil markets respond to the Ukraine conflict and the ensuing sanctions regime, American and Latin American suppliers have gained notable influence, reshaping Spain’s energy diversification strategy.
In the current fiscal context, data from the Strategic Fuel Reserves Corporation shows that America’s share of Spain’s crude imports surpassed the halfway mark for the first time, reaching 55.4 percent in December and 52.6 percent in January of the new fiscal year. This rising dependence on the American market has built gradually over the past few years, climbing from 28 percent of total imports in 2021 to 37 percent in 2022, and climbing further to exceed 46 percent in the most recent year measured.
As 2024 began, buying patterns from North American producers continued to strengthen, with imports increasing by about 51 percent compared with the same month a year earlier. Central and South American suppliers also posted significant gains, with January activity rising by more than 80 percent year over year, underscoring a regional shift in Spain’s crude supply base.
Brazil has emerged as a leader within this evolving landscape, at least for the moment. In 2023 the United States overtook Nigeria to become Spain’s top crude supplier, marking a shift after Nigeria had led for five years. Yet recent months have seen the balance of origin mix shift again, signaling a dynamic market in which multiple regions compete for market share.
At the start of 2024, Brazil positioned itself as a principal crude supplier to Spain, accounting for roughly 16.3 percent of imports after a substantial increase in shipments. It stood narrowly ahead of Mexico and the United States, both at around 14.7 percent, highlighting the new reality where North American and Latin American producers are closely matched in Spain’s import mix.
European energy firms with a physical presence in Spain have also adjusted their purchasing patterns, increasing imports from several African nations. Notably, Angola’s purchases rose sharply, supported by a near 150 percent uptick, while Nigeria and Algeria also saw notable gains of 11 percent and 20 percent respectively. Overall, Africa accounted for more than a third of Spain’s crude purchases in January, reflecting broader strategic diversification beyond traditional suppliers.
The Ukrainian crisis and its follow-on sanctions have left a lasting imprint on European energy policy. The European Union enacted a wide-ranging sanctions regime intended to reduce revenue for Moscow and impede funding for Russia’s military actions. As a result, an embargo on Russian crude imports came into force, though Moscow and some energy players have sought to route volumes through third-country intermediaries.
Spanish refiners began reducing exposure to Russian crude early in the conflict and have now accumulated nearly two years without Russian supply arriving in the Spanish market. A surge in Russian share in 2021, peaking at 4.6 percent of total supplies, was followed by the invasion of Ukraine and subsequent sharp reductions. By May 2022, there were zero Russian crude arrivals in Spain, according to core statistics, underscoring the complete realignment away from Moscow’s oil for the time being. This shift mirrors a broader European transition away from Russian energy amid ongoing geopolitical volatility.