Repsol in Talks with U.S. to Sustain Venezuelan Oil Operations

U.S. authorities have alerted Repsol that its license to export oil from Venezuela is at risk of revocation. The company is seeking to continue operations through discussions with U.S. officials. Other firms like Maurel & Prom and Eni are also affected amid heightened sanctions announced by former president Trump.

Repsol, a key player in the global oil industry, is engaged in discussions with the United States to find a resolution that would allow its continued operations in Venezuela. This follows a move by U.S. authorities to revoke the Spanish energy giant's license to export oil from the South American country.

The company's CEO, Josu Jon Imaz, emphasized the ongoing dialogue during an event in Madrid, stressing Repsol's commitment to adhere to international laws and sanctions. Spain's government has pledged to support Repsol's interests amid these challenging developments.

Alongside Repsol, other major oil entities like France's Maurel & Prom and Italy's Eni have also been notified of license suspensions. This escalation in U.S. sanctions underlines a broader strategy by former President Trump's administration, which sought to tighten economic pressures on Venezuela and has mandated additional tariffs on international oil trade.

(With inputs from agencies.)