Sustained power prices force European industrial demand destruction.
prob 0.52
severity 3.4 / 5 · revision 2026-05-08watch · 14 industrial economies · chemicals + metals + fertilizer$ shortage country get ESP > stress_index: 0.43 STABLE > 7 events · 4 scenarios > refreshed 2026-05-17
BRENT $84.27 ▲ TTF €31.50 ▼ OPEC_SP 3.8 mb/d ● SPR_US 372.4 Mb FAO_FFPI 121.4 ▲
The v3.2 stress index is a six-axis composite of energy and food exposure, geopolitical pressure, fiscal headroom, demography and supply concentration, normalised to a 0–1 scale.
Spain imports almost all of its oil and gas but hosts the largest fleet of LNG regasification terminals in the European Union, making it a key entry point for seaborne gas — though weak pipeline links to France leave it an energy island. Recurrent drought pressures its water-intensive agriculture, even as the country runs a large agri-food trade surplus in fruit, vegetables, olive oil and pork.
Spain has endured a multi-year drought that has drawn reservoirs in the south and Catalonia to critically low levels.
| STOCK TYPE | RESERVE | DAYS COVER | STATUS |
|---|---|---|---|
| Oil · CORES compulsory reserveCORES holds the mandatory strategic oil stocks, above the EU and IEA minimum of 90 days of net imports. | ~92 days | 92days | STABLE |
| Natural gas · LNG terminals and storageSix LNG regasification terminals — the largest fleet in the EU — plus underground storage make Spain a major seaborne-gas entry point. | largest EU regas fleet | 40days | STABLE |
| Refined products · domestic refiningA substantial domestic refining base supports refined-product cover. | adequate | 45days | STABLE |
| Water · reservoir storageReservoir levels drawn well below seasonal norms by successive dry years, constraining irrigation for cereals and other crops. | drought-depleted | — | WATCH |
| Grain · commercial stocksCereal self-sufficiency is limited and feed-grain imports are significant; the country offsets this with a broad agri-food export surplus. | moderate | 60days | WATCH |
| EU Strategic Petroleum Reserves | 50 Mb | 92days | 86.2 % |
| EU Diesel / Gas Oil Reserves | 24 Mb | 58days | — |
| EU Gasoline Reserves | 5 Mb | 95days | — |
| EU Kerosene / Jet Fuel Reserves | n/a | 70days | — |
| EU Natural Gas Storage | 2.15 BCM | — | 65.0 % |
$ curl -s https://api.shortage.life/v1/countries/ESP | jq '.stress' > 0.43