Spain and oil: 30 types and more than 20 origins in one year

MadridThe US attack on Venezuela has once again put all eyes on the so-called black goldCrude oil is not only the most traded commodity in international markets, but its control, a priori, grants a clear position of global dominance. "Except for weaponry, no other product has greater geopolitical weight or has been used so extensively as an instrument of coercion, both for sanctions and embargoes," reflects Gonzalo Escribano, a researcher at the Elcano Royal Institute, on this commodity in an article published in 2024. Donald Truli's ambitions are a reflection of Donald Trump's.

In the face of the crisis unleashed after the US intervention in Venezuela, the question of how it affects crude oil trade in Spain resurfaces, especially considering the role Repsol plays in the Latin American country—it is one of the oil companies Trump summoned to present his plan for the oil business. "It doesn't affect us," summarizes the Spanish Fuel Industry Association (AICE). And they link it to the "diversification" in the import of this raw material, both in terms of origin and type.

In 2025 alone, Spain received oil from 26 different countries, according to the latest report from the Strategic Petroleum Reserves Corporation (CORES), published last week with data up to November 2025. On average, the oil that arrives each month comes from... In the case of Venezuela, the State imported crude oil until March 2025. Specifically, between January and March, a total of 745,000 tons of oil arrived.

From April onwards, when Trump revoked the permit for Repsol and other oil companies to export crude oil and derivatives from Venezuela to the rest of the world, the arrival of this black gold from the Latin American country stopped and has not resumed. In fact, in 2024 only 4.7% of Spain's oil imports came from Venezuela (3,006 thousand tons). This amount, however, doubled that of 2023. Behind the increase is the regulatory change implemented by the Joe Biden administration regarding US sanctions on the country, which allowed the state-owned oil company Petróleos de Venezuela (PDVSA) to begin collecting its debt in kind (oil). The company, chaired by Antoni Brufau, has not officially confirmed the amount owed, but continues to explore all possible avenues to recover the money.

Although the trace of Venezuela in the Cores statistics has now disappeared, the supply of crude oil to the Spanish state "has not been affected," indicates Enric Bartlett, professor of public law at Esade Law School, who points to the "diversification" of sources. To begin with, regarding the Americas, Spain also imported oil from Brazil, Canada, the United States, Guyana, and Mexico until November, according to information consulted by the ARA. The statistics also show a minimal quantity whose origin is not specified. The country leading imports is the United States with 8.37 billion tons. Crude oil arrived from up to ten different origins in Africa, although in some cases only sporadically. In fact, imports from Cameroon, Ivory Coast, Egypt, and Ghana came only once a year and in very small quantities that barely exceed 100 million tons. For European countries, the list includes Albania, Azerbaijan, Italy, Kazakhstan, Norway, and the United Kingdom. From the Middle East, oil was only received from Saudi Arabia and Iraq in 2025, while crude oil imports from Asia and the Pacific have not been made for years. This "geographic diversification," notes the Esade researcher, is "key to energy resilience." "Since security of supply depends on the stability of international markets and shipping routes, it is important not to rely on a small number of producing countries, especially those experiencing political instability or international tensions," the expert adds.

Net Exporter

But Spain's diversification isn't limited to imports. Since 2012, it has been a net exporter of petroleum products. In fact, in Germany, heavily dependent on Russia, exports skyrocketed during the invasion of Ukraine. This might seem contradictory given that the country ceased oil production in June 2021, when Repsol shut down its Casablanca platform off the coast of Tarragona, but it also helps explain why Spain can import so many different types of crude. The key lies in the refineries, an industry that is not without controversy due to its impact on industrial pollution.

Crude oil, that is, in its raw, unprocessed form, is of little use. To obtain a product suitable for transportation or industry (diesel, gasoline, or kerosene), it must be processed, and this is done through refineries. With the boomWith the decline of diesel in Europe in the late 1990s and early 2000s, many European oil companies decided to halt production of this fuel—it is much more expensive than producing gasoline. Millions of euros in investments were required, but these either never materialized—many refineries closed—or were relocated to countries with lower costs, such as Morocco. In Spain, however, these investments were made, according to the Spanish Fuel Industry Association, primarily between 2009 and 2012, and they estimate them at €7 billion. "[The refineries] became flexible and competitive," a spokesperson for this organization points out. "Flexible" means they can receive and process different types of crude oil, which is why their origins are so diverse. "You don't depend on one type of crude or one specific country, and with the ups and downs of international politics, you ensure you won't have supply problems," the lobby adds. In terms of competitiveness, the sector focuses on "conversion capacity": that is, the degree of added value (profit margin) for each barrel of crude oil purchased and subsequently processed. Portugal, Morocco, and France are among the countries to which these products are most exported.