US President Donald Trump threatened his Russian counterpart, Vladimir Putin, with tariffs of between 25% and 50% on all Russian oil this Sunday if he does not facilitate peace negotiations with Ukraine. He announced that he plans to speak by phone this week. He said this in an interview on NBC, where he said he was "very angry" when Putin criticized Volodymyr Zelensky's credibility and proposed replacing him with a temporary president. "If Russia and I can't come to an agreement to stop the bloodshed in Ukraine, and if I think it was Russia's fault, which it might not be, I will impose secondary tariffs on oil, on all oil coming out of Russia," he stated. This would mean that "if you buy oil from Russia, you can't do business in the United States."
Trump revokes Repsol and other oil companies' permits to export crude oil from Venezuela.
The energy company's CEO assures that he will seek "mechanisms" to maintain his activity in the Latin American country.
BarcelonaUS President Donald Trump has notified the partners of the Venezuelan state oil company PDVSA, including Repsol, that he has revoked their permits to export crude oil and derivatives from Venezuela. The measure, which terminates licenses granted during the term of his predecessor, Joe Biden, comes just days after Trump himself announced 25% tariffs on all countries that purchase oil or gas from the Latin American country, which are due to go into effect next Wednesday.
In response to this decision, Spanish Foreign Minister José Manuel Albares stated this Monday that the government stands "with Repsol" and will support dialogue with the Trump administration. Before participating in a meeting with European ministers to address the war in Ukraine, Albares called for calm and indicated that they are analyzing with Repsol exactly what the measure adopted by the US administration entails and what its impact is, recalling that the decision also affects other European and American companies. The minister has already spoken with Repsol's management, but declined to reveal the content of the conversation. The Minister of Economy, Carlos Cuerpo, made a similar statement, appealing for "prudence."
Repsol CEO Josu Jon Imaz insisted that the company will try to "find mechanisms" that will allow it to continue its activities in Venezuela, despite Trump's decision. During his participation in the event Wake Up, Spain! organized by The SpanishThe executive stated that the energy company maintains an "open and fluid dialogue" and a "direct relationship with the American authorities." "We will see if we are able to find mechanisms that allow us to continue our activity in this country, which has never been easy; logically, we also have a responsibility insofar as a significant part of the country's electrical system depends on our production," he said. Imaz noted that Repsol has been present in Venezuela for 32 years, where it primarily produces natural gas.
Trump Offensive
In early March, Trump terminated the license that allowed the US oil company Chevron to operate in Venezuela. He gave it one month, until April 3, to complete its operations in the South American country. Earlier, at the end of February, the US president had already announced that he would terminate Venezuela's oil export licenses. This revocation also affects the US company Global Oil Terminals, the Italian company Eni, the French company Maurel & Prom, and the Indian company Reliance Industries.
Repsol has been present in Venezuela since 1993, where it manages several oil and gas assets. In 2023, the company signed an agreement with PDVSA related to the management of their joint venture Petroquiriquire, with the aim of increasing production and facilitating the recovery of the debt linked to these assets. Last year, they agreed that Petroquiriquire would acquire two new oil fields to offset the company's current mix. In the same report, Repsol stated that the change in the American administration has generated "a high level of uncertainty" regarding the foreign policy that may be implemented regarding Venezuela.
Most of the affected oil companies had already suspended oil imports from Venezuela after Trump announced 25% tariffs on all countries that purchase oil or gas from Venezuela, although in the case of Repsol and Reliance, which have a large presence in the United States, sanctions were imposed. Now, the companies have until the end of May to liquidate their operations in the South American country.
