Spain Halts Oil Imports from Venezuela Amid US Sanctions
Recent US sanctions lead to the suspension of oil imports from Venezuela, impacting European energy companies.
In early 2025, Spain's oil imports from Venezuela had risen nearly 60% compared to the same period the previous year, prior to the introduction of stricter US sanctions by the Biden administration.
The Spanish oil company Repsol was among several European firms, alongside American company Chevron and Italian firm Eni, that had received temporary permits from Washington to import oil from Venezuela as part of a debt repayment mechanism owed by the Venezuelan state oil company PDVSA.
This arrangement had been approved during the prior administration of President Joe Biden.
Upon taking office, President Donald Trump did not renew any of these exemptions, and his administration mandated a complete halt to oil trade with Venezuela.
Despite the US measures, Venezuela's total oil exports remained largely unchanged in May, estimated at 779,000 barrels per day (bpd), only a slight decrease from 783,000 bpd in April, according to internal PDVSA documents and tanker tracking data.
China played a crucial role in maintaining Venezuela's export quotas by significantly increasing its oil imports, compensating for the losses faced by PDVSA due to the tightening of sanctions.
The Spanish oil company Repsol was among several European firms, alongside American company Chevron and Italian firm Eni, that had received temporary permits from Washington to import oil from Venezuela as part of a debt repayment mechanism owed by the Venezuelan state oil company PDVSA.
This arrangement had been approved during the prior administration of President Joe Biden.
Upon taking office, President Donald Trump did not renew any of these exemptions, and his administration mandated a complete halt to oil trade with Venezuela.
Despite the US measures, Venezuela's total oil exports remained largely unchanged in May, estimated at 779,000 barrels per day (bpd), only a slight decrease from 783,000 bpd in April, according to internal PDVSA documents and tanker tracking data.
China played a crucial role in maintaining Venezuela's export quotas by significantly increasing its oil imports, compensating for the losses faced by PDVSA due to the tightening of sanctions.
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