Morocco

Morocco faces a high energy security risk due to its 100% reliance on imported oil, with gasoline prices at $1.35/L and reserves at 28 days. Its moderate Hormuz exposure means it is directly affected by shipping disruptions and elevated insurance costs. While phosphate exports provide a crucial source of foreign exchange, mitigating some economic pressure, the country still faces moderate food risk and a 62% increase in fertilizer prices. The outlook suggests ongoing economic strain from high energy costs, with the government likely needing to balance consumer subsidies against fiscal stability in the coming weeks.