OIL & YOUR COUNTRY / Portugal

OIL & PORTUGAL

Portugal is a net importer of 206.1 kb/d of petroleum liquids (2025: consumes 218.5, produces 12.4 kb/d — derived from EIA international statistics). Brent rose $15.40 over the past month, to $94.76 (2026-09-02).

PAST MONTH'S MOVE × NET POSITION 206.1 kb/d x 1,000 x +$15.40 = +$3.2M/day

ANNUALIZED IF THE MOVE HOLDS +$1.16B/yr

YESTERDAY'S SESSION ALONE 206.1 kb/d x 1,000 x +$0.11 = +$23K/day

A rise costs it; a fall pays it. Sign follows the move.

First-order border-price exposure: the country's net oil position re-priced at the Brent move, nothing else. It is not a realized import bill or fiscal forecast — it excludes term-contract lags, benchmark differentials (Dubai/Oman, WTI), hedging, product mix, and subsidies. An exact answer to one defined question.

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