Repsol CEO Josu Jon Imaz has warned of fuel-shortage risks in Europe as the continent approaches the peak summer season. Presenting the company’s half-year results, Imaz said he is “very concerned” about Europe’s ability to secure enough diesel and kerosene in the coming months. He cited volatile energy markets and mounting geopolitical tensions in basic regions such as the Strait of Hormuz, through which roughly 20% of global oil and gas transit was reported to pass.
Despite the uncertainty, Imaz sought to reassure Spanish consumers, saying Repsol is “prepared for the worst scenario.” Information from Repsol, its domestic refining network includes eight active refineries and more than 12,400 service stations. The company says Europe’s refining capacity fell by about 20% over the past two decades, while Spain’s rose by roughly 15%. Imaz said Spain could meet its own demand and support neighboring countries with up to 30% of its production if needed.
Spain’s refining position helps explain its greater capacity to manage tight markets. Repsol’s Cartagena complex in Escombreras was expected to produce 4.8 million tonnes of diesel annually, about 16% of Spain’s diesel consumption and 19% of its total production, according to reporting by La Verdad on 19 October 2026. The company said it was reinforcing output “with the needs of national consumption as its priority.” Cartagena is part of a network that includes facilities in Puertollano, Tarragona, Bilbao and A Coruña. They operate around the clock.
That ability to recover has become more impressive as Europe’s internal refining base has contracted and reliance on seaborne supplies of finished fuels has increased. BNP Paribas analysts cited in industry reporting estimated that imports met 46% of EU diesel demand in the first half of 2026, with the United States accounting for 40% of those imports. Commercial diesel stocks in the Amsterdam-Rotterdam-Antwerp region were estimated at about 12 million barrels, 23% below the level a year earlier. Shipping disruptions or refinery outages, combined with higher tanker costs, can put pressure on availability and prices, particularly in markets farther from Spain’s refining centres.
The threat extends beyond road diesel. Kerosene, or jet fuel, is also exposed to refining and shipping pressures, with inventory constraints adding to the risk for aviation during the busy summer travel period. On 22 October 2026, the European Commission’s Oil Coordination Group said diesel and jet-fuel supplies in Europe remained tight amid geopolitical uncertainty, while stressing that there was “currently no physical shortage of these products.” The Commission said it would continue monitoring the market with EU member states and the International Energy Agency. Its assessment describes constrained, vulnerable supply, not a confirmed continent-wide interruption of deliveries.
To mitigate supply risks, Repsol said it allocated €1.2 billion in the first quarter of 2026 to increase crude inventories and maximize refinery processing, creating an operational buffer against possible deterioration in international logistics. Spain also has approximately 90 days of consumption cover through the strategic-reserve system operated by CORES, according to industry reporting. These measures, alongside domestic refining capacity, strengthen Spain’s ability to withstand disruption. They do not, but, insulate consumers from internationally determined prices or shipping constraints.
These concerns reflect broader anxieties about the fragility of Europe’s energy balance. Recent coverage of Spain’s efforts to manage peak travel demand has highlighted issues such as the launch of new vehicle models tailored for summer mobility. Guaranteeing fuel supply is now a central issue for economic activity and daily life.
Spain is relatively well positioned thanks to its refining network, backed by inventories and strategic reserves. But, any escalation in global tensions could quickly alter the outlook for fuel costs and availability across Europe. The Commission’s assessment of tight markets without a current physical shortage provides impressive context for Imaz’s warning: the risk lies in exposure to further disruption, while Repsol’s preparations offer a measure of ability to recover.
