Daily Energy Report
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June 06, 2025
Chart of the Day
Reuters: Spain’s Imports of Venezuelan Oil Dry Up Ahead of US Sanctions Deadline
Summary
In April, Spain halted crude oil imports from Venezuela as US sanctions tightened. Repsol, Spain’s largest oil firm, faced a May 27 deadline to cease operations in Venezuela under revoked US permits. The company previously received oil from PDVSA as debt repayment. Imports had risen earlier in 2024 but dropped to zero ahead of the sanctions. Repsol is in talks with US officials to continue limited operations. The sanctions, imposed by President Trump, include a 25% tariff on countries trading Venezuelan oil with the US.