“Mexico, Brazil, and the US Dominate as Spain’s Main Oil Suppliers Over Middle East”

America is consolidated as the main source of oil supply to Spain over the Middle East. Three countries (Mexico, Brazil and the United States) accumulate 34% of crude oil imports so far this yeara situation accentuated in March, where oil arrivals from these destinations accounted for almost 40% of deliveries, according to data published today by the Corporación de Reservas Estratégicas de Productos Petrolíferos (Cores).

Especially relevant is the increase in flow from Brazil, which has shot up 108% in the last year, assuming 9.5% of crude oil inflows in the last 12 months, very close to Nigeria, whose oil represents 10% of imports from March 2022 to last March. In fact, Brazil is the second largest supplier so far this year, only surpassed by Mexico and ahead of the US.

In March, imports of crude oil to Spain decreased by 7.8% year-on-year and stood at 4,692 kilotonnes. In the first quarter of 2023, imports decreased by 1.2% compared to the same period in 2022.

Last March, 30 types of crude originating from 18 countries were imported. The United States (666 kt; 14.2% of the total) was the main supplier of crude oil to Spain during the third month of the year, with a year-on-year increase of 50.3%. It is followed by Mexico (634 kt; 13.5% of the total) with an increase of 46.6% compared to March 2022, and Brazil (536 kt; 11.4%), which increases its imports by 1%.

The imports of crude oil from the OPEC member countries decreased by 35.3% in the month compared to March 2022 and represented 40.2% of the total. Imports from all member countries decreased year-on-year, with the exception of Saudi Arabia (+13.5% compared to March 2022) and Venezuela (without imports in March 2022).

For their part, crude oil inflows from non-OPEC countries increased in the month (+28.9% year-on-year), which represent 59.8% of the total. In the first third of 2023, the drop in imports from OPEC countries is 22.2% compared to the same period of 2022.

By geographic areas, North America (+48.4% year-on-year) was the main supply area in the month (30.8% of the total). They are followed by Africa (-52.4% compared to March 2022; 23.2% of the total), Europe and Eurasia (+44.1%; 17.6%), the Middle East (-3.9%; 14, 8%) and Central and South America (+20.0%; 13.6%).

The drop in crude oil imports in March coincides with the drop in gas consumption, which fell by 14.7% in March compared to the same month last year and in the first quarter of the year by 17.1% in relation to the same month. period of 2022, registering decreases both in conventional consumption (homes, commerce and industry) and in that destined for electricity generation.

However, that of fuels rose, 9.5% in March but barely 0.2% in the quarter with a barrel of Brent oil, a reference in Europe, at 73.5 dollars.