BTN News: Venezuela has managed to achieve significant revenue from its oil exports to Spain, with figures showing a remarkable tripling in the second quarter of 2024 compared to the same period in 2023. Despite the reactivation of economic sanctions by the United States in April, the oil export data from Venezuela has seen a substantial increase, demonstrating the resilience and strategic maneuvering of the country’s oil industry. The latest data from the Corporation of Strategic Reserves of Petroleum Products (Cores) reveals a staggering threefold increase in the volume of oil exports to Spain, a development that marks a notable shift in the oil trade dynamics between the two nations.
In 2023, Spain imported a total of 313,000 tons of Venezuelan crude during April and June, with 157,000 tons arriving in April and 156,000 tons in June. However, these figures pale in comparison to what has been recorded in the second quarter of 2024. During this period, Spain received an impressive 1,080,000 tons of oil from Venezuela, distributed across three months—77,000 tons in April, 632,000 tons in May, and 371,000 tons in June. This significant jump underscores the increasing demand for Venezuelan oil in Spain, despite ongoing geopolitical tensions and sanctions.
The total oil imports from Venezuela to Spain in 2023 were 1,391,000 tons. Remarkably, the volume of oil exported to Spain in just the first six months of 2024 has already reached 1,363,000 tons, bringing it nearly on par with the entire previous year’s total. This sharp rise in exports highlights Venezuela’s strategic push to capitalize on its oil reserves and strengthen its economic ties with key European markets like Spain.
Interestingly, the U.S. sanctions have not been sufficient to curtail Venezuela’s oil exports. This outcome is partly due to a license granted to the Spanish energy giant Repsol by the United States, allowing the company to continue its operations in Venezuela beyond May 31. Repsol, in partnership with Venezuela’s state-owned oil company Petróleos de Venezuela (Pdvsa), has expanded its reach by signing an agreement that enables the exploitation of additional oil fields through a joint venture. This collaboration is expected to yield a production output of 20,000 barrels per day in the coming months, further solidifying the growing oil trade between Venezuela and Spain.
The significant increase in oil exports from Venezuela to Spain, despite the backdrop of sanctions, illustrates the intricate interplay between international politics and energy markets. The partnership between Repsol and Pdvsa, bolstered by U.S. allowances, has been instrumental in facilitating this surge in oil shipments. As Venezuela continues to leverage its vast oil reserves, its economic relationship with Spain is likely to deepen, potentially setting the stage for even higher export volumes in the near future.
