In a remarkable shift, Spain has markedly augmented its natural gas exports to Morocco, even as it scales back supplies to its European counterparts like Italy, as per a revelation by the Spanish news source Vozpópuli.
Insights from Cores, Spain’s oil reserves authority, reveal that by June 2024, Morocco had become the destination for a substantial 18.5% of Spain's total gas exports—a staggering leap from a mere 0.1% recorded in June 2022.
Over the past year, Spain has dispatched 9,338 gigawatt-hours of natural gas to Morocco via the Maghreb-Europe pipeline, marking a 155-fold surge compared to the previous year.
This upsurge in gas shipments to Morocco follows Algeria’s decision in October 2021 to terminate a pivotal pipeline to Morocco amid diplomatic frictions, a move that previously positioned Algeria as a key gas supplier for both Morocco and Spain.
To circumvent an impending energy shortfall, Morocco has leaned on Spain's regasification facilities to procure liquefied natural gas (LNG), which is subsequently channeled into Morocco.
Algeria, on its part, had issued a stern warning, threatening to sever its gas contract with Spain should any Algerian gas molecules find their way into Morocco.
In response, Spanish authorities have consistently reassured Algeria that none of its gas resources are being diverted to Morocco. They emphasize that a specialized protocol is in place to safeguard Madrid’s vital energy rapport with Algiers.
Concurrently with boosting supplies to Morocco, Spain has curbed its gas exports to Italy.
The conduit between Barcelona and Livorno, which utilizes smaller LNG carriers, accounted for 18.4% of Spanish gas exports in 2023. However, by June 2024, this share had dwindled to a mere 4.4%, according to Cores data.
Italy, which faced severe repercussions from reductions in Russian gas supplies, has now achieved storage levels exceeding 90%, thanks to new accords directly with Algeria.
Speculation within the industry suggests that the cooling of ties between Spain and Italy might also be a byproduct of the strained relations between the respective governments.
Despite these shifts, Spain continues to procure 29.6% of its gas from Algeria, with another 19% still sourced from Russia, notwithstanding the supply disruptions, as Cores data indicates.