Spain's Repsol has suspended its swaps of refined products for crude with V...
HOUSTON/MEXICO CITY - Spain’s Repsol has suspended its swaps of refined products for crude with Venezuela’s state-run oil company PDVSA, people familiar with the matter said, as U.S. officials weigh penalties for foreign firms doing business with Venezuela.
The arrangement made Repsol one of the OPEC-member nation’s main fuel suppliers, alongside Russia’s Rosneft and India’s Reliance Industries, according to three sources and vessel-tracking data. A Repsol spokesman declined to comment on the petroleum swaps. But one of the sources said the company had been communicating with the Trump administration through the U.S. embassy in Spain, which declined to comment.
Another Suezmax chartered by Repsol has been anchored off Jose for at least a week after loading Venezuelan oil, according to shipping sources and Refinitiv data. U.S. President Donald Trump’s national security adviser John Bolton told Reuters last month the administration was considering imposing sanctions on any companies outside the United States that do business with Venezuela.
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