Spain stopped importing crude oil from Venezuela in April, just weeks before a U.S. deadline requiring foreign companies to end operations in the South American nation, official Spanish data revealed on Friday.
Earlier this year, Spain had increased its imports of Venezuelan crude. Shipments in January and February rose nearly 60% compared to the same months in 2024.
Repsol, Spain’s energy major, was among several foreign companies—including U.S. oil giant Chevron and Italy’s Eni—previously allowed by the Biden Administration to receive Venezuelan crude in exchange for debt payments from state-run oil company PDVSA.
That policy shifted under the Trump Administration, which moved quickly to reimpose sanctions on Venezuela’s oil industry. Washington revoked Chevron’s license and halted waivers for European companies, barring them from exporting crude from the country, which holds the world’s largest oil reserves.
The U.S. Treasury also revoked French company Maurel & Prom’s license and ended approvals allowing firms to accept oil from PDVSA as a form of debt repayment.
Repsol had been receiving Venezuelan oil under such a waiver, but the Trump Administration refused to renew any exemptions. All companies, including Chevron, were ordered to shut down operations in Venezuela by May 27.
In response, PDVSA in early April canceled Chevron’s authorization to load and export crude. The move followed Washington’s decision to tighten sanctions and impose new tariffs on Venezuelan oil buyers.
Despite the restrictions, Venezuela’s overall crude exports in May remained stable. According to PDVSA documents and ship-tracking data, the country exported 779,000 barrels per day (bpd) of crude and refined products last month—only slightly below April’s 783,000 bpd. Increased shipments to China helped make up for the decline in U.S.-authorized sales.
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