Spain’s dependency on crude oil imports

The Spanish economy relies heavily upon oil imports to meet its energy needs, as petroleum remains the main source of primary energy in the country. In 2020, around 55 million metric tons of crude oil were imported, while indigenous crude oil production amounted to only 27.5 thousand tonnes, a negligible contribution to the total consumption of the country. Nigeria, Mexico, Saudi Arabia, and Kazakhstan were Spain’s main petroleum suppliers, covering more than half of the total imports.

Refinery industry

In 2018, the Spanish refining industry employed around 8,750 persons and generated a sales revenue of over 47 billion euros. Currently, Spain has eight oil refineries with a total processing capacity over 1.5 million barrels per day. Most of the refining capacity belongs to Repsol, the largest company within the sector, followed by Cepsa, BP, and Asesa.

Effect of COVID-19

During 2020, the consumption of most petroleum products in Spain experimented considerable reductions. For instance, the 95-octane fuel consumed in the country dropped from 5 to 3.9 million metric tones, while the consumption of automotive diesel was 3.8 million metric tons fewer than in 2019. However, the greatest decrease was registered in aviation kerosene, which, due to the drastic reduction of air traffic during 2020, plummeted to a third of the value recorded the year before.

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