Spain Sees Spike in Venezuelan Crude Imports Amid Sanctions Deadline

Spain's crude oil imports from Venezuela rose by 59% in early 2025 as a U.S. sanctions deadline looms. With new tariffs on Venezuelan goods and revoked authorizations, Spain's Repsol is seeking to maintain operations. Venezuela dismisses these sanctions as part of an 'economic war.'

Spain has significantly increased its crude oil imports from Venezuela, marking a 59% rise in the first two months of 2025 compared to the same period last year. This surge coincides with an impending sanctions deadline imposed by the U.S. administration under President Donald Trump.

The U.S. recently announced a 25% tariff on goods from countries purchasing Venezuelan crude and gas, while revoking permits for international partners of PDVSA. Spain's top oil company, Repsol, which previously imported oil from PDVSA as debt payment, has been affected by these changes.

With looming sanctions, Repsol is negotiating with Washington to continue its Venezuelan operations, as Spain's overall Venezuelan crude import volumes showed a sharp increase last year. Venezuelan President Nicolas Maduro continues to defy international sanctions, terming them an 'economic war.'

(With inputs from agencies.)