Spain's oil imports from Venezuela dry up before US sanctions deadline

Spain did not import crude oil in Venezuela during April. This was ahead of the key deadline for sanctions set by President Donald Trump’s administration.

The United States has revoked the permits of foreign companies operating in Venezuela to export oil. This includes Repsol, the largest Spanish oil company. Repsol has been given until May 27 to cease operations in Venezuela.

Repsol received the oil as payment from PDVSA, the state oil company.

Cores, the energy and environment ministry of Spain, released data on Friday showing that imports were down in April after a sharp increase in 2024 and in earlier years.

Repsol held discussions with U.S. officials to find ways of continuing operations in Venezuela. This week, Josu Jon Imaz, the Chief Executive of Repsol, met with Chris Wright from the U.S. Energy Department.

The cancellations followed an executive order issued by Trump in March declaring that countries buying oil or natural gas from Venezuela will be charged a 25% tariff for trade with the United States.

Venezuelan President Nicolas Maduro, along with his government, have rejected the sanctions imposed by the United States as illegitimate and akin to "economic warfare" that is intended to cripple Venezuela.

(source: Reuters)