Repsol, a Spain oil company, has suspended its swap deal for crude products with Venezuelan Oil Company PDVSA which is ran and controlled by the state as the United States government weigh on penalties to be imposed on companies doing business with the Venezuela government. Though the United States had imposed sanctions aimed at getting the current Venezuelan President Nicolas Maduro out of power, Repsol had been conducting business with the state-controlled company, exchanging fuel products and conducting monetary transactions. The deal had made Repsol be one of the key crude products suppliers alongside fellow OPEC nation companies from Russia and India.
While the US alongside other nations considers Venezuela leader of opposition Juan Guaido as the acting president, Venezuelan administration considers him as someone representing the United States interest. The Trump administration points fingers to Maduro administration for the crisis which currently faces the oil-rich nation which has caused thousands of innocent civilians to flee from their homes.
There were arrangements last year for the Spain oil company to cancel its deal with PDVSA but a final deal has not yet been reached. It is reported that Repsol constantly communicates with the Trump administration through its embassy in Spain with plans to reach a final decision on the matter. Trump’s National Security adviser had spoken on plans to impose sanctions on companies of the States transacting business with the Venezuelan government. Both Repsol spokesman and the US embassy in Spain declined to comment on the matter.