U.S. Revokes Repsol's Oil Export License from Venezuela

The U.S. has notified Repsol that its Venezuelan oil export license will be revoked. Spain's foreign minister vows to defend Repsol. Other firms are similarly impacted. Trump ordered a 25% tariff on Venezuelan oil. Previous exceptions to sanctions had allowed limited operations.

The U.S. government has officially informed Spanish oil company Repsol that its license allowing the export of oil from Venezuela will be revoked, according to a company spokesperson. Spanish Foreign Minister Albares pledged to protect Repsol's interests amidst the potential impact on its operations in the South American nation.

President Donald Trump's administration stipulated that Repsol must conclude its Venezuelan activities by May 27. Additionally, French company Maurel et Prom and Italy's Eni faced similar notifications regarding the termination of their authorizations to operate in Venezuela. In a statement to Tele 5, Albares confirmed ongoing dialogues with Repsol's CEO to address the ramifications of this directive.

Albares urged caution in rushing to conclusions until the specifics of the U.S. decision are thoroughly understood, considering the potential for dialogue to resolve existing ambiguities. Concurrently, President Trump enacted an executive order imposing a 25% trade tariff on any country importing Venezuelan oil, impacting previous exceptions to U.S. sanctions that enabled certain companies to obtain Venezuelan oil for their refineries.

(With inputs from agencies.)