Crude Oil Imports To Spain Fall 10.5% In January, To 4.475 Million Tons

oil rig

Crude oil imports to Spain in January reached 4.475 million tons, a 10.5% decrease compared to the same month last year, maintaining the levels of the last half of 2020, according to data from the Corporation of Strategic Reserves of Petroleum Products (Cores).

In January, 27 types of crude oil were imported from 14 countries. Nigeria was the leading supplier of crude oil with 979,000 tons, representing 21.9% of the total and an increase of 46.3%.

It was followed by Mexico, with 721,000 tons – 16.1% of the total – and Libya, with 608,000 tons – 13.6% – which presented a notable increase compared to the same month of the previous year (+52.0%) and the highest imports since December 2019.

Crude oil imports from Italy also stood out in the month, with 171,000 tons, reaching the country’s monthly record high.

Crude inflows from OPEC member countries fell, with a 14.6% drop compared to January 2020, accounting for 53.3% of the total. Meanwhile, crude oil imports from Algeria increased, with a growth of 64%, and those from Angola (-69.8%) and Iraq (-46.8%) fell.

By region, Africa was the main supply area in the month, with 39.1% of the total, despite registering a 5.8% decrease compared to January last year.

It was followed by Europe and Eurasia (24.3%), with imports up 20.4% year-on-year, North America (22.4%; +21.6%) and the Middle East (14.2%; -37.9%). No crude oil imports from Central and South America were recorded during the month.

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The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.