Spain did not import any crude oil from Venezuela in April, ahead of a U.S. deadline in May for foreign operators to wind down operations in the South American country, official Spanish data showed on Friday.
Earlier this year, Spain’s imports of crude oil from Venezuela jumped by nearly 60% in January and February compared to the same period of 2024.
Spain’s energy major Repsol was one of several foreign companies, which also included U.S. Chevron and Italy’s Eni, allowed by the Biden Administration to operate in Venezuela and export its crude to refineries in lieu of payments by Venezuelan state oil firm PDVSA.
However, the Trump Administration hastened to tighten the screws on Venezuelan oil industry and oil exports, revoking Chevron’s license and the licenses of the European firms to export crude from the South American country, which holds the world’s largest crude oil reserves.
The U.S. Treasury has revoked a license for French oil firm Maurel & Prom to operate in Venezuela and is no longer allowing firms to receive oil from PDVSA in lieu of payments.
Spain’s Repsol was one of the foreign majors with a waiver to receive Venezuelan crude as PDVSA was seeking to repay its debt via crude deliveries.
However, the Trump Administration didn’t extend any waivers and ordered companies – including Chevron – to wind down operations in Venezuela by May 27.
In response, PDVSA revoked in early April authorizations to U.S. supermajor Chevron to load and export crude from Venezuela, following the Trump Administration’s increased sanctions on Venezuelan oil exports and tariffs on its oil buyers.
Despite the U.S. sanctions, Venezuela’s crude oil exports remained unchanged in May compared to April, as increased shipments to China helped offset a sharp drop in U.S.-authorized sales.
According to internal PDVSA documents and vessel-tracking data, Venezuela shipped 779,000 bpd of crude and refined products last month—down only slightly from April’s 783,000 bpd.
By Tsvetana Paraskova for Oilprice.com
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