Spain's Repsol is in an "open and fluid dialogue" with U.S. authorities as it explores ways to keep operating in Venezuela after Washington moved to revoke its license to export oil from the country,

Repsol (OTCQX:REPYF) (OTCQX:REPYY) said Monday that the U.S. government has revoked its license to export oil from Venezuela, giving it until May 27 to wind down its operations in the country, while Spain's foreign minister said it would defend the company's interests.

A Repsol representative said to Reuters on Monday that the US government has canceled the company's authorization to import oil from the South American country.