Banco Sabadell | Donald Trump has announced the imposition of a 25% tariff on all imports from countries that buy oil or gas from Venezuela. This measure would come into force on 2 April 2025. Among the potentially affected nations are Spain, China and India. Although these could be additional tariffs to those already announced, the details of their implementation are ambiguous. The Trump Administration will offer more details in the coming days.
Assessment: Negative news pending confirmation of the details. So far, the US has only cancelled Chevron’s licence to operate in Venezuela. We recall that Repsol has control of strategic assets in Tomoporo and La Ceiba through an agreement with PDVSA (Petróleos de Venezuela). Repsol intends to increase oil production in Petroquiriquire in order to recover part of the debt accumulated by PDVSA. Currently, the Spanish company has a net worth exposure to Venezuela of €504 million (3.6% capitalisation) and a debt to PDVSA of €634 million (12% NFD’24), largely provisioned. On the positive side, limiting exports from Venezuela could lead to a supply outflow from the market and end up pushing up crude oil prices (something that Trump does not want a priori).
