Oil/News
Venezuela Becomes Spain's Third-Largest Crude Supplier After Delivering 641,000 Tons in August
Shipments accounted for 11.2% of Spanish oil purchases during the month, while year-to-date volumes posted a 211.9% rebound supported by operational arrangements between Repsol and PDVSA.
Spain imported 641,000 metric tons of crude oil from Venezuela in August 2026, representing 11.2% of the 5.705 million tons received by the Iberian market during the month. This intake placed the South American nation as the third-largest crude supplier to Spanish refineries for the period, trailing only Nigeria, which supplied 18.1% of all shipments with 1.035 million tons, and Mexico, which accounted for 11.4% with 648,000 tons.
According to official statistical bulletins released by the Spanish strategic reserves monitoring entity, Venezuelan deliveries surpassed monthly intake from the United States, which totaled 632,000 tons or 11.1% of the total after recording a 26% year-on-year drop. In contrast to the volumes recorded in August 2026, Spain had imported no Venezuelan crude during August 2025, meaning that the broader surge reflects a consistent recovery across the current calendar year rather than a direct monthly baseline variation.
Between January and August 2026, total Spanish receipts of Venezuelan crude climbed to 2.32 million metric tons, representing a 211.9% rise compared to the same eight-month period in 2025. This trade flow has been underpinned by commercial agreements and operational settlement structures connected to energy ventures in Venezuela, including the Cardón IV offshore natural gas field and crude production through the Petroquiriquire venture under applicable authorization frameworks.
This flow of shipments heavily involves Repsol and state-run Petróleos de Venezuela (PDVSA). Repsol, an energy corporation based in Spain, conducts operations in Venezuela through offshore natural gas assets and a 40% equity holding in the Petroquiriquire joint enterprise alongside PDVSA, which retains the remaining 60% ownership. Statistical oversight and mandatory strategic reserve tracking across the Spanish market are administered by the Corporation of Strategic Reserves of Petroleum Products (Cores).
