Venezuela became Spain’s eighth-largest source of crude oil, ahead of Saudi Arabia, supplying a cumulative 17 million barrels through August.

Venezuelan oil supplies to Spain have grown exponentially following the new situation in the country’s hydrocarbon sector after the events of last January, amid high crude oil and fuel prices in international markets.

According to data from the Strategic Reserves Corporation for Petroleum Products (Cores), Venezuela has sold Spain a cumulative volume of 17 million barrels of crude oil (2,320,000 tonnes) through August, a flow that could rise substantially in the coming months.

Venezuela became Spain’s eighth-largest source of crude oil, ahead of Saudi Arabia, in a significant turnaround from recent years, when supplies had fallen to historic lows, according to a Business Insider report.

National oil exports to Spain had not been this high since 2006, when socialist former president José Luis Rodríguez Zapatero was in office.

As a result, Venezuelan oil shipments to Spain have now rebounded to levels not seen in 20 years, when Venezuela was still a significant supplier to the Iberian country’s refineries, which were equipped to process the country’s heavy crude.

Nearly two decades later, oil has once again placed Venezuela among Spain’s leading crude suppliers. The difference is that the current flow comes after a change of power in Caracas and amid a reshaping of Venezuela’s energy business, with the participation of the United States.

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