Spain's imports of Venezuelan oil at highest in 20 years
USO•Spain imported 2.32 million metric tons of Venezuelan crude from January through August, the highest for that period since 2006. August imports reached 641,000 tons, a record for the month in Cores data dating to 1996.
1. Imports reach records
Spain imported 2.32 million metric tons of Venezuelan crude between January and August, the highest total for that period in two decades, just below the 2.39 million tons imported in 2006. August imports were 641,000 tons, the highest for that month in Cores records dating to 1996.
2. Repsol’s Venezuela plans
In April, Repsol signed an agreement with Venezuela’s government and state energy company PDVSA to gain operational control of an oil joint venture where it remains a minority stakeholder. Repsol aims to increase output by 50% in 12 months and triple it within three years. In June, it reached a preliminary agreement to potentially add the Horcon oilfield to its portfolio.
