Spain’s imports of Venezuelan crude reached their highest point in 20 years, totaling 2.32 million metric tonnes between January and August 2026.
The Strategic Reserves Corporation of Petroleum Products (Cores) noted that this figure approaches the historic maximum of 2.39 million metric tonnes imported in 2006, as reported national media on Monday.
This increase stems from recent agreements to reopen the sector to foreign investment. Only in August, Spain imported 641,000 tonnes, surpassing the volume recorded for that month since 1996.
Energy agreements to boost Venezuelan crude supplies:
The Spanish energy company Repsol signed in April an agreement with Petróleos de Venezuela (PDVSA) to add to its portfolio the Horcón field, located southeast of Lake Maracaibo in Zulia state, where it expects to increase production by 50% within 12 months and triple it over three years, thereby boosting the supply of Venezuelan crude to Europe.