Resurgence in Venezuelan Oil Exports As Repsol Receives Supply

Venezuelan heavy crude oil exports have resumed, with around 2 million barrels being sent to Spain's Repsol refineries. This follows agreements brokered by Trafigura, who alongside Vitol, received U.S. licenses for Venezuelan oil exportation. The oil is stored in the Caribbean, awaiting delivery to Europe and U.S. refiners.

In a significant move, approximately 2 million barrels of Venezuelan heavy crude are en route to Repsol's refineries in Spain. The shipments, part of a deal with trading firm Trafigura, mark the first such delivery since the first quarter of last year.

Following authorization withdrawals by U.S. President Donald Trump, Spain had halted Venezuelan crude imports. However, recent grants of U.S. licenses to Trafigura and Vitol have facilitated the storage and marketing of these oil cargoes in Caribbean terminals for eventual delivery to U.S. and European markets.

One of the shipments, carried aboard Suezmax tankers, set sail from the Jose port managed by Venezuela's PDVSA in early February, with another set for completion this week, according to shipping information.

(With inputs from agencies.)