Portugal Oil Imports 2026 Market Overview & Trends

Unlocking Opportunities in Portugal Oil Imports Market: Trends, Strategies, and Growth Insights

$6.4 b

Market Size

10.7 b Kg

Import Volume

Norway

Key Trading Partner

~13.48%

Market Growth Rate

Oil Market Overview in Portugal

AI Insight

Portugal's oil import market is on a recovery trajectory, marked by a 13.48% growth rate in 2024. Petroleum crude oil remains the cornerstone commodity, valued at $6.41 billion. Brazil maintains a dominant competitive position as the top supplier ($2.65B), while Norway and the USA are rapidly emerging as high-growth partners with rates of 1.36 and 1.04, respectively. This data suggests a strategic shift toward diversifying supply sources while maintaining strong ties with traditional South American and North African exporters.

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5-Year Import Volume

AI Insight

Portugal's import value peaked in 2022 at $7.80 billion. While 2023 saw a decline, 2024 indicates a recovery with import values reaching $6.41 billion. Notably, the total quantity imported in 2024 (10.69 billion) has surpassed 2020 levels, suggesting a resurgence in volume demand despite the price fluctuations observed over the five-year period.

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Top 5 Supplier Countries

Brazil

46.03%

Algeria

19.47%

Azerbaijan

12.56%

United States

12.28%

Nigeria

9.66%

AI Insight

Brazil is the dominant supplier for Portugal, accounting for $2.65 billion in export value for 2024. Algeria follows as the second-largest partner at $1.12 billion. Other significant contributors include Azerbaijan ($723 million) and the United States ($707 million), highlighting a diverse supply base across South America, Africa, and North America.

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Import Growth Analysis

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13.5%Annual Growth

AI Insight

The market experienced a significant growth rate of 13.48%. This double-digit increase reflects a strong upward trend in trade activity, indicating robust demand and a healthy expansion in the value of imported goods compared to the previous period.

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Emerging Supply Markets

AI Insight

Norway shows the highest growth momentum among partners with a rate of 1.36, followed by the United States at 1.04. Libya also demonstrates strong emergence with a growth rate of 1.00. Azerbaijan and Spain show more moderate growth, indicating shifting competitive dynamics among secondary suppliers in 2024.

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Related Products You May Import

AI Insight

Trade is heavily concentrated in petroleum crude oil (HS Code 270900), which reached a total value of $6.41 billion in 2024. This single product category defines the sector's import profile, representing the primary driver of value within the analyzed trade data.

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Oil Import Requirements in Portugal

Before Shipment

1. REACH registration for chemicals. 2. Valid EORI number. 3. Import license for specific non-EU origins. 4. Compliance with ENSE strategic stock obligations. 5. Submission of Safety Data Sheets (SDS) in Portuguese.

Documentation Required

1. Commercial Invoice. 2. Bill of Lading or CMR. 3. Single Administrative Document (SAD). 4. Certificate of Origin (for preferential duty). 5. Analysis Certificate (COA) specifying oil quality and composition.

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Oil Imports and Free Trade Agreements in Portugal

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EU Single Market
EU-UK Trade and Cooperation Agreement
EU-Canada (CETA)
EU-Japan EPA
EU-South Korea FTA

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Features

Tariff Tracker

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Import Requirements

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