Spain, which had been increasing its imports of crude oil from Venezuela earlier this year, completely stopped buying Venezuelan oil in April. This happened just before a key deadline set by the U.S. government, requiring foreign companies to wind down their operations in Venezuela by the end of May. The U.S. is using these sanctions to pressure Venezuela’s government and limit its oil exports.
Earlier in 2025, Spain’s crude oil imports from Venezuela rose sharply—by nearly 60% in January and February compared to the same period in 2024. But by April, Spain stopped importing Venezuelan crude oil altogether, following U.S. rules.
Spain’s energy major, Repsol, was among a small group of foreign companies allowed by the Biden Administration to continue operating in Venezuela. Alongside U.S. supermajor Chevron and Italy’s Eni, Repsol was permitted to receive Venezuelan crude oil shipments as part of a special arrangement. Venezuela’s state oil company, PDVSA, used these shipments to pay back debts by delivering oil instead of money. However, these permissions did not last.
U.S. Sanctions Tighten the Noose
The Trump Administration had already tightened sanctions on Venezuela’s oil industry before, revoking the licenses of companies like Chevron and European firms such as Repsol and Eni to export Venezuelan crude. This move was intended to block Venezuela’s oil exports, as the country holds the world’s largest crude oil reserves.
Most recently, the U.S. Treasury revoked the license for the French company Maurel & Prom to operate in Venezuela and receive oil payments. The Biden Administration did not extend any waivers for companies to continue receiving Venezuelan crude oil. Consequently, all companies were ordered to wind down their operations in Venezuela by May 27.
In response, PDVSA revoked Chevron’s authorization to load and export crude oil from Venezuela in early April, following the U.S.’s intensified sanctions and tariffs on Venezuelan oil buyers.
Despite these sanctions, Venezuela’s crude oil exports remained almost unchanged in May compared to April. Thanks to increased shipments to China, Venezuela managed to ship about 779,000 barrels per day in May—just slightly less than April’s 783,000 barrels per day. This shows how Venezuela is trying to balance the impact of sanctions by finding other buyers.
Spain’s Shift Reflects U.S. Influence
Spain’s halt in imports shows how U.S. sanctions are affecting not only American companies but also foreign firms involved in Venezuela’s oil industry. Spain had been a key buyer of Venezuelan oil, and imports increased significantly early this year. But now, Spain is complying with the U.S. sanctions, ending its imports of Venezuelan crude.
Repsol, Spain’s largest oil company, was one of the few foreign companies granted a waiver by the U.S. to receive Venezuelan crude oil as part of PDVSA’s debt repayments. However, once the Biden Administration chose not to extend these waivers, Repsol had to stop importing Venezuelan oil.
This quick change—from rising imports in the first two months of 2025 to a complete halt in April—illustrates the strong effect of U.S. sanctions on global oil trade. Spain’s response highlights how political pressure from the U.S. is reshaping energy relationships across the world.
