Spain’s Repsol is set to receive around 2 million barrels of Venezuelan heavy crude, marking a dramatic resurgence of Venezuelan oil into European markets after seven years of constrained exports. The shipments – now underway – signal a significant shift in global energy flows and renewed commercial ties between Caracas and European refiners.
The cargoes were arranged through global trading firm Trafigura under expanded U.S. export licences that loosen restrictions on Venezuelan oil sales. These licences allow American companies and traders to handle Venezuelan crude – from export logistics to sales – easing past bottlenecks created by tighter sanctions that had largely stifled shipments to Europe.
Repsol’s refineries are well-equipped to process Venezuela’s heavy crude grades, such as the high-sulphur Merey variety, making this delivery strategically valuable for Spain’s refining sector. The restart of this supply stream could help stabilise fuel production and reduce dependency on alternative, higher-cost crude sources.
Most Read on Euro Weekly News
Why were the sanctions in place?
For more than a year, Spain had virtually halted imports of Venezuelan oil amid strict U.S. sanctions. With broadened export permissions now in effect, Venezuelan exports have begun flowing again – not only to Europe but also to refiners linked to global trading houses.
The United States imposed sanctions on Venezuela primarily to pressure the government of President Nicolás Maduro following widespread allegations of democratic backsliding, corruption, and human rights abuses. Washington argued that Maduro’s 2018 re-election was neither free nor fair, prompting a series of financial and energy-sector restrictions aimed at cutting off the regime’s main source of revenue – oil exports. By limiting Venezuela’s ability to sell crude internationally and access the global financial system, U.S. officials hoped to force political negotiations and encourage a return to democratic processes. The measures also targeted state oil company PDVSA, long viewed as the economic lifeline of the Maduro administration, making it significantly harder for international firms to engage in Venezuelan energy trade without special licences.
From sanctions to shipments: The politics releasing Venezuela’s crude
As of early 2026, Delcy Rodríguez has been serving as Venezuela’s acting president, having been designated by the country’s Supreme Tribunal of Justice and formally sworn in after the U.S. capture of former President Nicolás Maduro in January. Rodríguez, who previously served as vice president and oil minister, now leads the government amid deep political transition.
This leadership shift has coincided with changes in U.S. policy toward Venezuela’s energy sector. Long-standing American sanctions, originally imposed to punish Maduro’s government for corruption, human-rights abuses and undermining democratic processes, restricted Venezuela’s ability to export crude and engage with international firms. Recent diplomatic engagement and legal reforms under Rodríguez’s interim government have helped prompt Washington to ease certain export restrictions, paving the way for Venezuelan oil — including the large shipments bound for Spain — to return to global markets.
The shipments bound for Repsol are loaded aboard Suezmax tankers, indicating deep-water port access and large-scale transport capability. One tanker departed from Venezuela’s PDVSA Jose port earlier this month, with another nearing completion of loading, a sign of increasing momentum.
Beyond immediate commercial implications, analysts see this development as part of a broader détente in oil market relations shaped by shifting U.S. policy and diplomatic negotiations. It highlights how geopolitical decisions are directly reshaping where and how crude oil moves around the globe – bringing Venezuelan ‘black gold’ back into the European fuel supply chain after years of restriction.