Spanish imports of Venezuelan oil reach record high

Spain imported 2.32 million metric tons of Venezuelan crude between January and August 2026, the highest figure for this period since the 2.39 million tons recorded in 2006, according to the portal Banca y Negocios. The increase follows agreements between Venezuela and the U.S. to reopen the energy sector to foreign investment.

This trend is partly driven by the operational rapprochement of European energy companies with local authorities. In April this year, the Spanish firm Repsol signed an agreement with the Venezuelan government and PDVSA to take operational control of a joint crude venture in which it holds a minority stake, with the aim of raising output by 50% within 12 months and tripling it within three years, according to data released by the same source.

The figures come from the Corporación de Reservas Estratégicas de Productos Petrolíferos (Cores), a body under Spain's Ministry of Energy and Environment. In August alone, the European country imported 641,000 tons of Venezuelan crude, the highest figure for that month in records dating back to 1996.

Separately, according to the outlet Descifrado, this oil boost is occurring against a macroeconomic backdrop marked by cumulative inflation above 200% and a sharp erosion in the purchasing power of the local population. Analysts warn that the country's economic recovery cannot depend exclusively on the oil sector.