Published by Global Banking & Finance Review®
Posted on April 4, 2025
2 min readLast updated: January 24, 2026
Add as preferred source on Google
Spain's Venezuelan oil imports rose 59% as US sanctions deadline nears, affecting Repsol's operations.
MADRID (Reuters) - Spain's crude oil imports from Venezuela in January and February rose roughly 59% from a year earlier as a key sanctions deadline set by U.S. President Donald Trump's administration approaches.
In the first two months of 2025, Spain imported 449,000 tons of crude from Venezuela, up from 283,000 tons in the same period last year, according to data released on Friday by Cores, an arm of Spain's energy and environment ministry.
U.S. authorities announced last week a 25% tariff on goods from countries buying Venezuelan crude and gas and moved to revoke authorisations it had granted to foreign partners of state-run oil company PDVSA to operate and export from the OPEC nation.
Under the permit issued by the previous U.S. administration, Spain's largest oil company Repsol agreed to receive oil from PDVSA as payment for debt. It increased import volumes last year.
It is now in talks with Washington to seek ways to keep operating in Venezuela after it was given a May 27 deadline to wind down its operations there.
Last year, Spain imported over 3 million tons of Venezuelan crude, more than twice as much as in 2023 and reaching levels not seen since 2015.
Venezuelan President Nicolas Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple the country.
(Reporting by Pietro Lombardi; editing by David Evans)
The article discusses Spain's increased imports of Venezuelan oil amid approaching US sanctions.
Spain's imports of Venezuelan oil rose by 59% in January and February 2025 compared to the previous year.
Repsol, Spain's largest oil company, is negotiating with the US to continue its operations in Venezuela despite sanctions.
Explore more articles in the Headlines category
