Venezuela's Oil Exports Reach Two-Year High

Spain's imports of Venezuelan crude oil have surged to a two-decade high, with 2.6 million metric tons imported in 2024, primarily due to U.S. sanctions being relaxed, allowing increased Venezuelan exports. In October alone, Spain imported 151,000 metric tons, aided by Spanish oil company Repsol accepting Venezuelan oil as payment for debts. Concurrently, Venezuela's oil exports have approached one million barrels per day in November, reflecting a significant increase in sales to Asian markets, especially China, marking the highest levels since early 2020. Despite ongoing U.S. sanctions and challenges from a deteriorating oil infrastructure, the state oil company PDVSA reported a 10% increase in exports compared to October. Shipments to Europe have also risen, although sales to the U.S. have slightly decreased. The potential policy shifts under the incoming U.S. administration may further impact Venezuela's oil export dynamics.