How much oil does Spain buy from Russia? This is what we import of crude oil from each country

Brussels is getting closer so it is interesting to analyze Spain’s dependence on this type of crude oil. At the moment, Spain has cut crude oil imports by almost 40% in the first two months of this year compared to the same period in 2021, although in February, just before the war in Ukraine broke out on the 24th, it doubled them compared to last January. Spain imports on average (January and February) some 31,800 barrels of crude oil from Russia, which represents only 3% of total imports.

According to data from the Corporation for Strategic Reserves of Petroleum Products (Cores), imports of crude oil to Spain from Russia amounted to 299,000 tons in the months of January and February, which represents a drop of 39.6% compared to 495,000 tons from the same period of 2021.

In this way, Russia, which on February 24 decided to invade Ukraine, has a weight of 3% in imports of crude oil to Spain until February.

However, despite this cut in the first two months of the year, imports of crude oil to Spain from Russia doubled in February, practically before the outbreak of the conflict, and reached 200,000 tons in that month, compared to just 99,000 tons that were imported in January.

Crude imports

Total imports of crude oil to Spain in February increased by 19.4% year-on-year and stood at 4.901 million tons. They also presented an increase in the annual accumulated (+17.5%) and in the moving year (+7.7%).

This is how imports of crude oil from Spain are distributed

During the month, 32 types of crude were imported from 16 countries. Nigeria, with 629,000 tons and 12.8% of the total, was the main supplier of crude oil to Spain in February, with an increase of 21.8% year-on-year. It was followed by Libya -562,000 tons and 11.5% of the total-, and the United States -540,000 tons and 11.0%-, which increased its imports by 14.1%.

Crude oil imports from OPEC member countries grew by 17.9% in the month compared to February 2021 and represent 43.4% of the total. Deliveries increased to Algeria (+283.7%), Saudi Arabia (+142.3%) and Nigeria (+21.8%), while Libya and Iraq (-9.7% and -6.7%, respectively ) decreased them.

By geographical areas, Europe and Eurasia were the main supply zones in the month, with 29.4% of the total, ahead of Africa (29.3%), North America (21.6%), the Middle East ( 14.1%) and Central and South America (5.6%).