Spain's Crude Oil Imports from Venezuela at Highest Level in Nearly 20 Years

SEATTLE (Oil Monster): Spain's crude oil imports from Venezuela so far this year are the highest in almost two decades, according to data released on Wednesday by Cores, an arm of Spain's energy and environment ministry.

In October, Spain imported 151,000 metric tons of crude from Venezuela. So far in 2024, the total is roughly 2.6 million tons, the highest since the 2.7 million tons registered in 2006 at this time of the year.

OPEC member Venezuela's oil exports reached last month levels not seen since early 2020.

The country has increased its exports to North America and Europe this year, helped by U.S. licences and authorisations to partners of state oil company PDVSA.

Under a deal authorised by the U.S. that exempted it from sanctions, Spain's largest oil company Repsol REP.MC agreed to receive oil from PDVSA as payment for debt. It has increased import volumes this year as part of the agreement.

 Courtesy: www.reuters.com