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 $9.36 over the past month, to $112.44 (2026-10-22).

PAST MONTH'S MOVE × NET POSITION 206.1 kb/d x 1,000 x +$9.36 = +$1.9M/day

ANNUALIZED IF THE MOVE HOLDS +$704.1M/yr

YESTERDAY'S SESSION ALONE 206.1 kb/d x 1,000 x +$3.62 = +$746K/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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