The Spanish crude oil market shows a remarkable development in May: imports have decreased by a significant 19.1% compared to the same month last year. This is according to the latest data from the Corporation of Strategic Reserves of Petroleum Products (Cores). Spain imported a total of 4.791 million tons of crude oil from 14 different countries in May, with a clear shift in traditional partnerships.
Brazil at the Forefront of Crude Oil Suppliers
With 815 million tons, Brazil became Spain’s most important oil supplier in May, accounting for 17% of the total import volume. This increase marks a significant change from previous months and points to a new era in Spain’s energy supply.
The USA Loses Massive Influence
Spain’s former top oil supplier, the United States, has experienced a drastic decline in its deliveries. In May, US imports fell by 56% to just 513 million tons. This decline has led to a realignment of Spain’s procurement strategy, with countries such as Brazil and Mexico (566 million tons) gaining in importance. Interestingly, Canada benefited from this development, almost tripling its deliveries to 441 million tons in May.
Venezuela’s Disappearance from the Spanish Oil Market
Another notable point is Venezuela’s renewed disappearance from Spain’s import list. After a brief increase in Venezuelan crude oil imports last year, the country is now recording a “zero” in a row again. This circumstance is directly attributable to the new Trump administration’s measures, which revoked permits for oil exports from Venezuela for several oil companies, including Repsol. This led to an exhaustion of Spanish purchases in March, which had previously increased by 97%.
OPEC Loses Weight
The May market also highlighted the dwindling influence of OPEC countries on Spain’s crude oil imports. Purchases from the member countries of this organization, which unites the world’s largest oil exporters, collapsed by almost 40% and accounted for only one third of the total volume. While crude oil inflows from Libya (+57.6%), Algeria (+18.5%), and Saudi Arabia (+0.7%) increased year-on-year, inflows from non-OPEC countries remained virtually stable with a decrease of only 0.1% compared to May 2024, accounting for 63.2% of the total inflow.
North America Remains the Main Supply Area
Despite the decline in US imports, North America remained the main supply area for Spain in May, accounting for 31.7%. This is mainly due to the strong increase in deliveries from Canada. This is followed by Africa with a decrease of 16.3%, Central and South America (21.8%), the Middle East (9.5%), and Europe and Eurasia (6.8%).
The Spanish energy market is undergoing a transformation that is forging new partnerships and re-evaluating dependence on traditional suppliers. The developments in May 2025 are a clear sign of the dynamics and adaptability of the global crude oil trade.
