Venezuela expands oil exports to Spain and the United States

Venezuela is significantly expanding its oil export footprint in both Europe and the United States, driven by increased production and the easing of U.S. sanctions.

In Spain, Venezuelan crude imports have surged in 2026, reaching approximately 1.68 million tons in the first several months of the year. This volume already exceeds the total amount received by Spain throughout all of 2025. This growth has shifted the hierarchy of American suppliers to Spain, with Venezuela rising to the fourth position and displacing Canada and Guyana. The recovery follows a period of zero shipments between mid-April 2025 and January 2026, aided by new licenses allowing companies like Repsol to resume or expand operations.

Simultaneously, Venezuela has reached a nine-year high in exports to the United States. For the week ending September 11, 2026, exports reached 782,000 barrels per day (bpd), a 31% increase from the previous period. This marks the highest weekly volume since August 2017. Venezuela has maintained its position as the second-largest oil supplier to the U.S. for 21 consecutive weeks, supported by increased production and a broader relaxation of sanctions.