Spain has started buying a lot more oil from Venezuela in the early months of 2025. In January and February, Spain brought in 449,000 tons of crude from Venezuela. That’s a big jump—about 59% more—compared to the same time last year, when it only imported 283,000 tons.
This sharp increase comes at a tense time. The United States is about to put stronger rules in place for countries that trade oil and gas with Venezuela. These rules, also called sanctions, are meant to stop other countries from doing business with Venezuela’s state-run oil company. The deadline for these rules is set for May 27, and many companies, including some in Spain, are trying to figure out what to do next.
Spain’s biggest oil company had a deal in place that allowed it to accept oil from Venezuela as a way of paying off debts. This deal was allowed by the previous U.S. administration, but now it may not be enough to keep business going as usual. Because of the rising pressure, the company has been talking with U.S. officials to try to keep its operations in Venezuela open beyond the May deadline.
Eni Faces US Ban on Oil Payments from Venezuela’s PDVSA
Tariffs and Trouble: U.S. Takes Action
The United States has recently made a big move. It announced a 25% tax—called a tariff—on goods from countries that continue to buy oil and gas from Venezuela. This decision is part of the U.S. government’s push to limit the amount of money flowing into Venezuela’s oil industry.
Along with the tariff, the U.S. also said it would cancel permissions that had been given earlier to foreign companies. These permissions had allowed some companies to work with Venezuela’s oil industry legally. Now, those companies may be forced to stop their work or face penalties.
The new rules are a big concern for many countries, especially Spain, which has increased its oil imports from Venezuela in recent years. In fact, last year, Spain brought in more than 3 million tons of Venezuelan oil. That’s more than twice what it imported in 2023. It’s also the highest amount Spain has received from Venezuela since 2015.
These numbers show that Spain has become one of the major buyers of Venezuelan oil again. But with the new U.S. sanctions just weeks away, this rising trade could come under threat very soon.
Trump’s Tough Stance Strips Venezuela of Key Oil Funds for Repression
Venezuela’s Response and Spain’s Position
The government of Venezuela has strongly criticized the U.S. sanctions. Venezuelan leaders say the measures are unfair and illegal. They believe the rules are meant to hurt their country’s economy on purpose. They call it an “economic war” and argue that it’s wrong for another country to try to control their business.
Despite these protests, the U.S. continues to apply pressure. The upcoming deadline and the new tariff are part of a bigger effort to limit Venezuela’s ability to sell oil to the world. For countries like Spain, that are deeply involved in oil trade with Venezuela, this makes things complicated.
Spain’s energy ministry has not made public comments about how it will respond. But the data shows a clear trend: Spain has been buying more oil from Venezuela just as these new rules are about to take effect. That suggests companies may be rushing to import as much as they can before the U.S. restrictions are enforced.
For now, Spanish companies are trying to talk with U.S. officials to see if there’s a way to keep working in Venezuela without breaking any rules. Whether or not those talks will lead to a solution is still unknown.
But what is clear is that Spain’s relationship with Venezuela has grown quickly in the past year. And with the clock ticking toward the May 27 deadline, all eyes are on what comes next in this high-stakes international trade story.
