Europe · ESP
Spain
Europe’s solar surplus machine, still an oil importer on the road. Iberian isolation is both a blessing and a grid problem.
Oil production
0.0 mb/d
1.3 mb/d demand
Net oil
-1.3 mb/d
Import gap
Gas production
0 bcm
Net -32 bcm
O&G rent
0.0%
Share of GDP
Oil balance
Production versus demand, 2025, million barrels per day.
Gas balance
Production versus demand, 2025, billion cubic metres.
Proven oil
0 bn bbl
Gas reserves
0.0 tcm
Refining
1.5 mb/d
LNG
20 bcm import
Hydrocarbon mix
Oil versus gas in this country’s oil-and-gas demand (oil-equivalent).
- Oil53%
- Gas47%
Inflows and outflows
What leaves. What arrives.
Spain outflows 0 kb/d crude, 0 bcm LNG. Inflows 0 kb/d crude, 23 bcm LNG.
Local crude
Dated Brent
$107.0
3 January 2026 · Maduro ousted
28 February 2026 · Iran war started
Still prices about 60% of seaborne crude. The marker the Strait actually writes.
All crude tapes and bpd flowsMapped crude
Barrels per day.
This economy is not on the mapped seaborne board. The corridors that rewired in 2026 are on Flows.
LNG out
None mapped.
LNG in
- United States12 bcm+4 bcm
- Algeria11 bcm+1 bcm
Economy
Wholesale power can print negative at noon and still leave industry waiting on interconnectors. LNG terminals made Spain a 2022 relief valve for Europe; they remain a strategic asset.
- GDP
- $1.7 tn
- Population
- 48.0 m
- Oil intensity
- 0.3 bbl /$1k
- Oil & gas rent
- 0.0% GDP
- Hydrocarbon trade
- 2.4% GDP
- Fiscal breakeven
- —
- $30 oil shock
- -8.4 pp GDP
- Club
- Independent
Projected oil demand
Regional IEA WEO 2025 oil pathways applied to this country’s 2025 baseline. STEPS 2035 demand 1.1 mb/d (net -1.1) versus NZE 0.6 mb/d (net -0.6).
| Scenario | 2025 | 2030 | 2035 | 2050 |
|---|---|---|---|---|
| Stated Policies | 1.3 | 1.2 | 1.1 | 0.8 |
| Net Zero 2050 | 1.3 | 1.0 | 0.6 | 0.2 |
| Current Policies | 1.3 | 1.2 | 1.1 | 0.9 |