Morocco among MENA economies most exposed to rising energy costs amid Middle East war

Morocco is among four Middle Eastern and North African economies particularly exposed to rising international fuel and shipping costs amid the war in the Middle East, according to the International Energy Agency (IEA), as higher energy prices put additional pressure on countries heavily reliant on imports.

The conflict has driven up the cost of crude oil, petroleum products and natural gas, adding to the energy import bills of Morocco, Egypt, Tunisia and Lebanon.

The IEA’s analysis found that the four countries have been paying significantly more each month for crude oil, petroleum products and natural gas since the conflict began disrupting global energy markets.

Their combined monthly energy import bill rose by nearly 60% in March, the first full month of the conflict, compared with January, reaching $4.6 billion. By June, it had climbed to $4.8 billion, around 66% above the January level.

Petroleum products accounted for most of the increase, the agency said, while natural gas costs rose even more sharply, doubling over the period.

The increase was largely driven by Egypt’s liquefied natural gas (LNG) purchases, with the country’s overall fuel import bill nearly doubling between January and June.

The IEA warned that the four economies are particularly vulnerable to higher international fuel and shipping costs. Rising prices have pushed up transport, electricity and household energy expenses, leaving governments to decide how much of the additional burden consumers should absorb.

The agency also described the crisis as a test for existing subsidy systems, highlighting their limitations in cushioning economies against external price shocks.

In Morocco, provisional figures from the Foreign Exchange Office, based on customs declarations, show that energy and lubricant imports reached MAD 68.58 billion in the first half of 2026, up 28.9% from MAD 53.19 billion during the same period in 2025.

The increase added MAD 15.39 billion to Morocco’s energy import bill year over year.

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