Spain Stands Firm: Defending Repsol Amid U.S. Oil License Revocation

Spanish Foreign Minister Jose Manuel Albares expressed his government's commitment to defending Repsol's interests after news emerged of the U.S. revoking oil licenses in Venezuela. Albares emphasized the need for dialogue and understanding of the decision's implications. The move affects several international oil companies operating under previous exemptions.

In a significant geopolitical development, Spanish Foreign Minister Jose Manuel Albares has vowed to safeguard the interests of the Spanish oil behemoth, Repsol. This comes in light of revelations that the U.S. government, under President Trump, plans to retract licenses for oil companies operating in Venezuela.

Albares revealed that he has been in close communication with Repsol's CEO, emphasizing a cautious approach to understand the full ramifications of this U.S. decision. The Spanish minister stressed the importance of not rushing and engaging in dialogue to clarify the situation and potentially resolve any existing differences with the U.S. administration.

The announcement follows reports of similar notifications received by France's Maurel et Prom, Italy's Eni, and other global oil giants like India's Reliance Industries, who were beneficiaries of exceptions granted under former President Joe Biden's tenure. The U.S.'s latest stance could significantly alter the international oil trade landscape.

(With inputs from agencies.)