What are Spain's economic interests in Venezuela?
Repsol is the company with the largest presence in the country, where some twenty other corporations also operate, including Telefónica, BBVA and Mapfre.
BarcelonaTrump has made it clear. The intervention in Venezuela is focused on its immense oil reserves, as evidenced for weeks by the pressure he had exerted on ships transporting crude oil. In his first address since the military operation, the President of the United States advertisement An investment of "billions of dollars" to repair Venezuelan oil infrastructure.
Venezuela's black gold is the main trade relationship it has maintained with Spain since the rise of Chavismo. Although economic relations between the two countries were "intense" before Chavismo, as the state agency ICEX points out, they have been "substantially" reduced and are currently "scarce." In 2024, Venezuela ranked 87th as a destination country for Spanish exports (in 2023 it ranked 98th). In the case of imports to Spain, it climbed to 50th place, especially due to oil imports by Repsol.
Besides Repsol, which has been present in the country since 1993, some twenty Spanish companies have a presence in Venezuela, including BBVA, Banco Exterior, Telefónica, Mapfre, Zara, and Plus Ultra. BBVA holds a 16% market share through Banco Provincial, second only to the state-owned Banco de Venezuela, which dominates 70% of the market. The bank, originally from Biscay, has a network of 160 branches and a staff of 2,000. Banco Exterior, part of the Spanish-based Fierro group, is also present.
Telefónica has operated mobile phone services in Venezuela since 2005, when it acquired the operator Telcel BellSouth. Although the company had launched an investment plan in the country to strengthen its position, its president, Marc Murtra, announced its withdrawal from the country last November, in line with the divestments planned in Mexico and Chile.
Foreign trade
With US sanctions on oil, Venezuela stopped publishing its foreign trade figures, which represent 30% of its GDP, and organizations like ICEX calculate them indirectly because "a large part is sold clandestinely in Asian markets and paid for in cryptocurrencies." The country's sharp economic decline, subject to international pressure, has caused Spanish exports to fall from 2013 to 2021, when they reached a low of 108 million euros. According to data from the State Secretariat for Trade, exports have since increased, reaching 125 million in 2022, 144 million in 2023, and 230 million in 2024. In the first ten months of 2025, Spain exported 150 million euros, a clear decrease compared to the previous year. Imports have also been growing in recent years, from a low of €63 million in 2021. A year later, purchases stood at €578 million, while in 2023 they grew to €633 million. In 2024 they skyrocketed to €1.39 billion, a 120% increase. This figure is explained by Repsol's oil imports, its method for collecting its debt from the state-owned company Petróleos de Venezuela (PDVSA).
In fact, fuel accounts for more than 94% of all imports Spain receives from Venezuela. This imbalance results in a significant trade deficit for Spain between the two countries, reaching €1.16 billion in 2024. However, Venezuelan oil only represented 2% of the total received by the Spanish state between 2018 and March 2025, when import permits were revoked due to the Ecological Transition and Demographic Challenge measures. Consequently, between January and October 2025, Venezuelan imports fell to €347 million. Looking at the broader picture, the United States is Venezuela's most important customer. Other major buyers include India, China, and Spain. Regarding imports, Spain is also among the main suppliers to Venezuela, although in a more modest position, ranking eighth. The ranking is led by China, followed by the United States, Brazil, Panama, Colombia, Argentina, and Turkey.
In the European Union, history repeats itself. Venezuelan exports totaled €2.15 billion in 2024, an 80% increase compared to the previous year, according to data collected by ICEX. Furthermore, these exports are very undiversified, with fuel representing the largest category. This energy dependence has led to a trade balance with the Latin American country that is also unfavorable for the EU. European imports amounted to €782 million in 2024.
Foreign Investment
For years, Venezuela has not published investment figures, and the available data are estimates, as is the case with foreign trade figures, although ICEX indicates that foreign investment has been "virtually nonexistent" in recent years. It is estimated that the country received $1.633 billion in investment in 2024.
Regarding investment, Spain had become the second-largest investor in Venezuela in 2015, with more than 100 subsidiaries, second only to the Netherlands. "Venezuela has lost much of its appeal as an investment destination in recent years," the state agency points out. This has led to a drop from being the fifth-largest destination for Spanish investment worldwide in 2004 to receiving only around €36.2 million in 2024. Repsol, the main Spanish company there, has not invested for years. As for the stock of Spanish direct investment, it amounted to €2.797 billion at the end of 2023, according to data from the State Secretariat for Trade. Venezuelan investment in Spain, however, stood at around €502 million.
The OPEC+ oil alliance, led by Saudi Arabia and Russia, confirmed on Sunday that it will maintain its current crude oil supply levels at least until April, without reacting to any potential disruptions following the recent arrest of Maduro. This decision was reached after a brief teleconference held by the energy and oil ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, according to the Organization of the Petroleum Exporting Countries (OPEC).
