Greece’s fuel supplies remain adequate for now, but market concern is growing over how long that cushion can hold if the crisis in the Persian Gulf continues.
A senior refining-sector executive told Kathimerini that the country is fully covered for the next two months. “We are fully secured for two months. If navigation in the Strait of Hormuz is not restored, the situation will become more difficult later,” the executive said.
The warning highlights broader anxiety in the market. The disruption caused by the crisis is putting pressure on the global supply chain and, in turn, on the safety buffers that have so far protected Greece. Those buffers include high inventories and the excess production capacity of domestic refineries.
Four refineries and strong export capacity support Greece’s fuel supplies
Greece operates four refineries: Helleniq Energy’s facilities in Aspropyrgos, Elefsina and Thessaloniki, and Motor Oil’s refinery in Agioi Theodoroi.
Together, these plants produce enough key oil products, including gasoline, diesel, heating fuel, aviation fuel and marine fuel, to more than cover domestic demand. In fact, more than 50% of total production is exported, underscoring the scale of the country’s refining sector.
Greece also holds safety reserves above the mandatory levels required to cover 90 days of demand, giving the country an additional layer of protection against supply shocks.
Alternative cargoes are keeping output steady
To maintain operations, Greek refineries have already replaced supplies from the Gulf with cargoes from alternative sources. Those shipments are expected to keep production running at full capacity until early June.
For now, that offers the market some reassurance. However, supply stability will depend heavily on how long the disruption lasts and whether key maritime routes return to normal.
A longer Middle East crisis could put Greece’s fuel supplies under pressure
The bigger risk lies in a prolonged conflict in the Middle East. If the crisis drags on, the already tight international oil supply could shrink further, making it harder and more expensive for Greek refineries to secure crude.
That would not necessarily trigger immediate shortages, given the country’s current reserves and refinery strength. It would, however, steadily erode the safety margins Greece is relying on today.
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