U.S. crude imports from Venezuela climb to highest level since 2017

Traders Union
All News
Commodities
U.S. crude imports from Venezuela

Highlights

U.S. crude oil imports from Venezuela average 701,000 barrels per day in July 2026, the highest since May 2017, then decline in August.
Strong U.S. refinery demand, high global refining margins, and easing of U.S. restrictions drive Venezuelan crude import growth from 200,000 barrels per day at the start of 2026.
Following no 2026 exports to China, the U.S. becomes Venezuela's main crude destination after U.S. policy eases post-Maduro and authorizes increased U.S. investment.

Import surge reflects refinery demand and policy easing

As reported by Today in Energy from the U.S. Energy Information Administration, U.S. crude oil imports from Venezuela average 701,000 barrels per day in July 2026, the highest level since May 2017, before declining in August.

Imports from Venezuela begin the year at 200,000 barrels per day and rise in most months. The increase is supported by strong crude demand from U.S. refineries, high global refining margins and the easing of U.S. government restrictions on purchases from Venezuela.

Many refineries on the U.S. Gulf Coast, or PADD 3, are set up to process heavy sour crude grades such as those produced in Venezuela, helping explain the rebound in volumes.

Trade flows shift as U.S. becomes main destination

Data from Vortexa show that most Venezuelan crude exports in 2025 go to China. In 2026, Venezuela exports no crude oil to China, while the United States becomes the largest single destination by volume for Venezuelan crude exports.

U.S. imports of Venezuelan crude stop shortly after sanctions are imposed on state oil company Petróleos de Venezuela SA, or PDVSA, in January 2019. In November 2022, the U.S. Treasury Department's Office of Foreign Assets Control grants Chevron waivers to resume exports from its joint venture operations in Venezuela to U.S. Gulf Coast refineries, and Chevron resumes those shipments in January 2023.

The U.S. government later eases restrictions on PDVSA following the capture of Venezuelan President Nicolas Maduro in January 2026 and authorizes additional U.S. investment to help raise Venezuela's domestic crude oil production.

Our earlier report on WTO warnings about war-driven trade disruption explained how conflicts and tariffs are prompting companies to redesign supply chains and shipping routes for resilience, even at higher cost. We noted that the WTO expected sharp trade contractions in the Middle East and argued that diversification and regionalization could persist as the global system adapts to a more fragmented geopolitical environment.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.