Venezuelan oil exports to Spain have surged, tripling in volume by July 2024 compared to the same period in 2023. The total amount exported in July alone reached 353,000 tons of crude oil, pushing the half-year total to 1.7 million tons (approximately 6 million barrels).

According to data released by the Spanish Strategic Reserves Corporation for Petroleum Products (Cores), Spain imported this significant volume of crude oil from Venezuela. The data shows that this figure nearly tripled year-on-year, exceeding the total for all of 2023, which stood at 1.4 million tons.

During the first half of 2024, Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), recorded increased crude oil sales to several countries following the easing of US sanctions that had impacted Petróleos de Venezuela (PDVSA), allowing for more international trade.

Under a sanction exemption agreement, Spain's largest oil company, Repsol, agreed to receive Venezuelan oil as part of a deal to settle outstanding export debts.

The Venezuelan oil sector, crucial to the nation's economy, has been targeted by US sanctions since mid-2017. Washington imposed financial penalties, an oil embargo, secondary sanctions, and other restrictions aimed at stifling Venezuela's primary source of revenue. 

More sanctions to come?

However, the United States is expected to announce a new sanctions package against members of the Venezuelan government following the re-election of President Nicolas Maduro in the recent presidential elections, Bloomberg reported Monday.

The US Treasury Department is close to declaring the imposition of 15 individual sanctions against officials affiliated with Maduro as early as this week, the news outlet reported, based on accusations of obstructing a free and fair election.

The sanctions list is composed of members from Venezuela's electoral body, the National Assembly, the military police, the court, and intelligence. Additionally, the US plans to set separate sanctions on individuals deemed responsible for financial issues. 

The US and its Western allies denounced the re-election of Maduro for his 2025-2031 term despite receiving 51% of the votes.