Spain's imports from Venezuela of oil are increasing as the US sanctions deadline approaches

Spain's crude imports from Venezuela increased by 59% in January and Februrary compared to a year ago as the deadline for a major sanctions imposed by President Donald Trump's Administration approaches.

Cores, the energy and environment ministry of Spain, released data on Friday showing that in the first two months 2025, Spain imported 449,900 tons of Venezuelan crude oil, compared to 283,00 tons during the same period of last year.

Last week, the U.S. government announced a 25% tariff for goods coming from countries that buy Venezuelan crude oil and gas. It also revoked permissions granted by it to foreign partners who work with state-run PDVSA in order to export and operate from Venezuela.

Repsol, the largest Spanish oil company, agreed to pay PDVSA for its debts under the terms of the permit issued by former U.S. Administration. Import volumes increased last year.

After being given until May 27 to cease operations in Venezuela, it is now in discussions with Washington about ways to continue operating there.

In 2018, Spain imported more than 3 million tons (more than double the amount in 2023) of Venezuelan crude oil, a level not seen since 2015.

Venezuelan President Nicolas Maduro, and his government, have always rejected the sanctions imposed by the United States. They claim that they are illegal measures that amount to "economic warfare" meant to cripple Venezuela. (Reporting and editing by David Evans; Pietro Lombardi)

(source: Reuters)