Spain's Surge in Venezuelan Oil Imports: A Record Year

Spain has significantly increased its oil imports from Venezuela, surpassing last year's total. Data from Cores shows that Spain imported 353,000 tons of Venezuelan crude in July, bringing the January-July total to 1.7 million tons. This surge is due to U.S. licenses enabling deals with PDVSA.

Spain's crude oil imports from Venezuela this year have already surpassed the total for 2023, according to data released by Cores, an arm of the Energy and Environment Ministry. In July alone, Spain imported 353,000 tons of crude from Venezuela, pushing the January-July total to 1.7 million tons.

This volume is nearly triple that of the same period last year and exceeds the 2023 total of 1.4 million tons. Venezuela, a member of OPEC, experienced an increase in oil exports during the first half of the year, thanks in part to U.S. licenses and authorizations granted to partners of the state oil company PDVSA.

As part of a U.S.-authorized deal exempt from sanctions, Spain's largest oil company, Repsol, agreed to receive oil from PDVSA as payment for debt. Consequently, Repsol has ramped up its import volumes this year in accordance with the agreement.

(With inputs from agencies.)