Spain’s crude oil imports from Venezuela have exceeded last year’s figures, according to data released by Cores, a division of the Energy and Environment Ministry. By the end of July, Spain had imported 1.7 million tons of Venezuelan crude, surpassing the 1.4 million tons imported throughout 2023. In July alone, Spain brought in 353,000 tons, nearly tripling the volume imported during the same period last year. The increase in imports is linked to a rise in Venezuelan oil exports in the first half of the year, bolstered by U.S. licenses and authorizations for PDVSA, Venezuela’s state oil company.
Under a U.S.-sanction exemption deal, Repsol, Spain’s largest oil company, has intensified its imports from PDVSA as part of a debt settlement arrangement.
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