Spain's Venezuelan Oil Imports Hit Two-Decade High

Spain's crude oil imports from Venezuela have reached their highest level in nearly 20 years, with 2.6 million tons imported in 2024. This surge is facilitated by U.S. licenses allowing increased exports to North America and Europe, leading to agreements with Spanish company Repsol.

Spain's crude oil imports from Venezuela have reached unprecedented levels, with Cores, a Spanish government agency, reporting a significant increase. So far in 2024, Spain has imported 2.6 million metric tons of Venezuelan oil, marking the highest volume of imports in nearly two decades.

In October alone, Spain imported 151,000 metric tons from Venezuela. This spike follows a U.S. decision to allow Venezuelan oil exports to North America and Europe. The Organization of the Petroleum Exporting Countries (OPEC) member has been leveraging this opportunity to enhance its export levels.

Spanish oil company Repsol, following authorization from the U.S., has capitalized on these developments, accepting Venezuelan oil as debt payment. This has led to a rise in import volumes, reflecting the evolving geopolitical energy landscape.

(With inputs from agencies.)