Venezuelan oil prices continue to soar in Spain despite Trump’s crusade

Crude oil from Venezuela continues to increase its presence in Spanish refineries at a time marked by Donald Trump‘s ban on the US company Chevron from continuing to buy oil from the country presided over by Nicolás Maduro starting in April.

Specifically, according to data from the Strategic Reserves Corporation for Petroleum Products (Cores), Spain imported 0.3 million tons of Venezuelan crude oil in January (latest available data), 5.6% more than the previous year. Thus, oil from that country represented 5.8% of the total arriving in Spain that month, compared to 4.7% for the whole of 2024.

This continues the strong increase recorded last year, when Spain imported a total of 3 Mt of crude oil from Venezuela, 116% more than in 2023. The increase in January also contrasts with the significant drop in the total amount of oil arriving in Spain that month, which fell by 17%.

By geographic area, North America was the main supply zone in the month with 33.7% of the total. It was followed by Africa (29%), Central and South America (24.4%), the Middle East (7%) and Europe and Eurasia (5.9%).

By country, Brazil was the main supplier with 16% of the total, despite having reduced its shipments by 18.4%. It was followed by the United States with 14.4%, which also reduced its sales by 18.4%, and Mexico, with 14.4% and a reduction of 18.7%.

Crude oil imports by OPEC member countries fell by 31.7% in the month and accounted for 36.7% of the total. However, crude oil imports from all member countries increased except Nigeria, which fell by 55.1%, and Libya, by 34.3%.