Spain’s crude oil imports from Venezuela have significantly increased this year, surpassing the total imports for all of 2023. According to data from Cores, Spain imported 353,000 tons of crude from Venezuela in July, bringing the total for January to July to 1.7 million tons. This figure is nearly three times the amount imported during the same period last year and exceeds the total of 1.4 million tons imported throughout 2023.
The rise in imports is attributed to a rebound in Venezuelan oil exports, facilitated by U.S. licenses and authorizations for partners of the state oil company PDVSA. Under a special agreement authorized by the U.S., Spain’s largest oil company, Repsol, has been receiving oil from PDVSA as part of a debt repayment arrangement, which has contributed to the increased import volumes this year.
This shift in trade dynamics highlights the changing landscape of global oil supply and the impact of geopolitical factors on energy markets.