Live Brent crude oil price. Morocco imports nearly all of its oil, making the global oil price a critical variable for the trade balance, inflation, and government finances.
Morocco has no significant domestic oil production and imports nearly 100% of its crude oil and refined petroleum products. This makes Morocco highly sensitive to global oil price movements. The country's energy import bill represents one of the largest single items in its trade deficit, and oil price spikes directly pressure the current account balance and the dirham's stability.
Morocco's primary oil suppliers include Saudi Arabia, Iraq, and Russia. Crude oil is imported and refined domestically at the SAMIR refinery in Mohammedia - although SAMIR has been under a restructuring process since 2015 and operates intermittently, meaning Morocco also imports significant refined products directly.
Energy costs are embedded throughout the Moroccan economy - in transport, manufacturing, agriculture, and household heating. When Brent crude rises sharply, the impact flows through to fuel prices at Moroccan petrol stations (after government pricing adjustments), electricity generation costs, and food production costs. Bank Al-Maghrib monitors energy prices closely as one of the primary drivers of domestic inflation.
Morocco reformed its fuel subsidy system between 2013 and 2015, removing subsidies on petrol, diesel, and fuel oil. This means fuel prices at Moroccan stations now adjust more directly with international oil prices, unlike previously when the government absorbed price shocks. The reform improved public finances but increased household exposure to global oil volatility.
Brent crude is the international benchmark for oil traded in Europe, Africa, and the Middle East. It is produced primarily in the North Sea and priced on the ICE exchange in London. OPEC+ - the coalition of OPEC member states plus Russia and other allies - manages global supply to influence prices. In 2024–2025, OPEC+ maintained production cuts of approximately 2.2 million barrels per day to support prices above $80/barrel.
Morocco's vulnerability to oil price spikes is not new. The 1973 oil embargo quadrupled global prices and imposed severe fiscal pressure on Morocco's government, which at the time absorbed price increases through subsidies. The 1979 Iranian revolution and the 1990 Gulf War each triggered import cost surges that widened Morocco's trade deficit and forced austerity measures. More recently, the 2008 oil price spike to $147/barrel and the 2022 post-Ukraine-invasion surge above $120/barrel both caused visible inflation spikes in Morocco, particularly in food transport and household energy costs. Each episode reinforced the structural case for reducing oil dependency.
Morocco's sole refinery, SAMIR in Mohammedia, processed approximately 200,000 barrels per day at peak capacity. The refinery was privatised in 1997, sold to the Corral Group, and expanded. However, SAMIR entered judicial liquidation in 2015 after accumulating large debts and tax arrears. Since then it has operated intermittently or not at all, meaning Morocco imports not just crude oil but also refined products — gasoline, diesel, jet fuel, and LPG — at higher cost than importing crude alone. The government has periodically discussed restarting or selling the refinery, but as of 2025 no resolution has been reached. This adds a processing premium on top of the raw commodity cost that countries with functioning refineries avoid.
Morocco has invested heavily in renewable energy as a structural hedge against oil price volatility. The Noor Ouarzazate solar complex — one of the world's largest concentrated solar power plants — the Tarfaya wind farm (301 MW), and the broader national energy strategy target 52% renewable electricity generation by 2030. This reduces oil dependency for power generation, though transport and industry remain largely oil-dependent. Morocco also exports electricity to Spain via two submarine cables and is developing green hydrogen projects at the Nador West Med industrial zone as a future energy export to European markets.
International Energy Agency — Morocco country profile (import dependency, energy mix)
ONHYM (Office National des Hydrocarbures et des Mines) — onhym.com
MASEN (Moroccan Agency for Sustainable Energy) — masen.ma (renewable capacity, Noor project)
Bank Al-Maghrib annual reports — inflation and energy cost analysis
Oil price data on Dalil sourced from Twelve Data with 30-minute delay.