Morocco

Morocco faces high energy security risks due to its complete reliance on oil imports and moderate exposure to Hormuz-related disruptions. Gasoline prices are elevated at $1.35/L, with only 28 days of reserves providing a limited buffer. The economic impact is significant, compounded by a moderate food risk and a 62% increase in fertilizer costs, threatening agricultural stability. While phosphate exports offer some foreign exchange to mitigate the crisis, the outlook remains challenging as the country must navigate high global prices and secure diversified supply chains.