Spain’s imports of Venezuelan oil surge ahead of US sanctions deadline

Spain’s crude oil imports from Venezuela saw a sharp increase in the first two months of 2025, rising by nearly 59% compared to the same period last year. This surge comes as a key US sanctions deadline looms, potentially disrupting oil trade between the two nations.

According to data released on Friday by Cores, a division of Spain’s energy and environment ministry, Spain imported 449,000 tons of Venezuelan crude in January and February—up from 283,000 tons during the same months in 2024.

The increase coincides with new US restrictions targeting countries that continue to buy Venezuelan crude. Last week, US authorities announced a 25% tariff on goods from nations purchasing Venezuelan oil and gas. Additionally, the Biden administration moved to revoke authorizations that previously allowed foreign companies to operate and export from Venezuela’s state-run oil firm, PDVSA.

One of the companies affected is Repsol (REP.MC), Spain’s largest oil firm. Under a permit issued by the previous US administration, Repsol had been receiving Venezuelan crude as part of a debt repayment agreement with PDVSA. The company ramped up imports last year and is now negotiating with Washington to find a way to continue operations before the May 27 deadline, when US sanctions will take full effect.

In 2024, Spain imported over 3 million tons of Venezuelan crude—more than double the volume from 2023 and the highest level since 2015.

Meanwhile, Venezuelan President Nicolás Maduro has repeatedly condemned international sanctions, calling them illegitimate economic warfare aimed at destabilizing the country’s economy. Despite these restrictions, Venezuela continues to seek alternative trade partnerships to sustain its oil exports.

With the sanctions deadline fast approaching, it remains to be seen how Spain, Repsol, and other stakeholders will navigate the shifting energy landscape.

FAQs: Spain’s rising Venezuelan oil imports and US sanctions

1. Why is Spain increasing its oil imports from Venezuela?

Spain’s oil imports from Venezuela have surged due to a debt repayment agreement between Spanish energy giant Repsol and PDVSA, Venezuela’s state-run oil company. Additionally, Venezuela offers competitive crude prices, making it an attractive supplier.

2. What are the new US sanctions on Venezuelan oil?

The US has imposed a 25% tariff on goods from countries purchasing Venezuelan crude and gas. It has also revoked permits that previously allowed foreign companies to operate and trade oil with PDVSA.

3. How do US sanctions affect Spain and Repsol?

With the May 27 deadline approaching, Repsol may be forced to reduce or halt its operations in Venezuela unless it secures an exemption or alternative arrangements. This could disrupt Spain’s energy supply and impact oil pricing.

4. Has Spain historically imported oil from Venezuela?

Yes, but at varying levels. In 2024, Spain imported over 3 million tons of Venezuelan crude—double the amount in 2023 and the highest level since 2015.

5. How is Venezuela responding to US sanctions?

Venezuelan President Nicolás Maduro has strongly opposed the sanctions, calling them “economic warfare.” The Venezuelan government is actively seeking new trade partners to bypass restrictions and sustain its oil exports.

6. Could these sanctions lead to higher oil prices in Spain?

Possibly. If Spain reduces Venezuelan oil imports, it may need to source crude from alternative suppliers at higher costs, which could impact fuel prices.

7. What happens after the May 27 deadline?

If the US does not grant exemptions, companies like Repsol will have to cease operations in Venezuela or risk penalties. Spain may then have to diversify its oil imports from other nations.