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 has invested heavily in renewable energy as a structural hedge against oil price volatility. The Noor Ouarzazate solar complex, the Tarfaya wind farm, and the broader national energy plan 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 and is developing green hydrogen projects as a future energy export.