Portugal

Portugal faces moderate energy security risks, being 100% dependent on oil imports, with gasoline now at $1.88/L and reserves for 65 days. The global oil supply deficit and Hormuz disruption directly impact its fuel economy and logistics. While significant investments in renewable energy provide a partial buffer against electricity sector shocks, the transportation sector remains highly exposed. The coming weeks are likely to see continued upward pressure on fuel prices and a focus on maintaining diversified import channels to ensure supply stability.