Faced with the logistical blockage of Hormuz that threatens to drown the global economy, the International Energy Agency (IEA) has decided to press the red button. The organization has proposed the largest release of oil reserves in its history: about 400 million barrels. To put it in context, this figure is more than double the 182 million barrels that were injected into the market in 2022 after the Russian invasion of Ukraine.
Spain, as a member of the IEA, will not be left out. How to collect Europe Pressthe vice president and minister for the Ecological Transition, Sara Aagesen, has confirmed our country’s support for this plan. If the proposal is approved unanimously, Spain will contribute to the market the equivalent of about 12 or 12.5 days of its national consumption.
The Spanish bunker. All this movement leads us to the big question: how much margin does Spain really have if the situation becomes entrenched? Legally, there is a global obligation to maintain minimum security stocks equivalent to 92 days of sales or computable consumption. According to calculations of The CountryAdding all the capacities, the country has about 105 days of autonomy.
This safety mattress works through a mixed system:
- The Corporation of Strategic Reserves of Petroleum Products (CORES) must maintain 42 of those dayswhile the remaining 50 days are maintained directly by the industry. Currently, CORES custody more than 5.4 million cubic meters of stocks.
- It’s not just crude oil. To be truly useful in a crisis, CORES reserves are composed by 54.4% diesel, 29.2% crude oil and 6.0% kerosene.
- stocks They are strategically distributed by Spanish geography. The Levante area accounts for 44.8% of the total, followed by the central area with 19.2% and the northern area with 17.7%.
The objective of these reserves is not to replace normal long-term supply, but to inject fuel into the market to stop sudden price increases and buy vital time to reorganize logistics and trade routes.
We can’t relax. Just because we have a margin of three months does not mean that we are invulnerable. Spain is a country with almost absolute foreign energy dependence. In 2024, national oil consumption was 1,322,492 barrels per daybut own production barely reached 76,947 barrels. Our net crude oil imports represent more than 100% of our consumption. Furthermore, our economy she is addicted to black goldespecially to move. The transport sector is responsible for 71.1% of the final consumption of petroleum products in Spain, with diesel/diesel being the undisputed king, accounting for 61.1% of that consumption.
The Iranian asphyxiation has a crack. Saudi Arabia and the United Arab Emirates have activated a logistical “antidote” capable of rescuing up to 7 million barrels per day. The main asset is East-West Pipelinean oil pipeline connecting eastern Saudi fields with the Red Sea port of Yanbu. The machinery is already in motion, there is already an “army” of at least 25 supertankers sailing towards Yanbu to load this crude oil. Adding to this effort is the United Arab Emirates pipeline, which provides up to 2 million additional barrels directly to the Gulf of Oman.
The refinery factor. But the macroeconomy hits a wall, Saudi oil pipelines transport crude oil, not diesel. As analyst Arne Lohmann Rasmussen warns, the real danger is the deficit of distillates. If Europe does not have enough refineries to process that oil in time, the desert pipelines are of no use.
This is where the CORES bunker win the game. The 54.4% of already refined diesel that Spain stores is the only thing that guarantees that the trucks do not stop. In short, the Saudi “antidote” prevents total collapse, but our reserves buy the 100 days of peace necessary to avoid seeing the pump in the clouds. If diplomacy fails, not even the bunker will avoid the historic scare.
Image | Volgotanker
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