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steo (short-term energy outlook)

In July 2026, U.S. imports of crude oil from Venezuela averaged 701,000 barrels per day (b/d), the most since May 2017, before decreasing to 655,000 b/d in August, according to data published in our Petroleum Supply Monthly.

Crude oil imports from Venezuela started the year at 200,000 b/d and have steadily increased most months this year. Increased imports from Venezuela are supported by high crude oil demand from U.S. refineries because of high global refinery margins and the easing of U.S. government restrictions on purchases from the country. Many refineries on the U.S. Gulf Coast (PADD 3) are configured to process heavy sour crude oil grades, such as those from Venezuela.

According to data from Vortexa, the majority of crude oil exports from Venezuela in 2025 were destined for China. In 2026, Venezuela has exported no crude oil to China, and the United States has instead been the largest single destination by volume for Venezuelan crude oil exports.

U.S. crude oil imports from Venezuela stopped shortly after the United States imposed sanctions on state oil company Petróleos de Venezuela SA (PDVSA) in January 2019. In November 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control granted Chevron waivers to resume exporting crude oil from its joint venture operations in Venezuela to U.S. Gulf Coast refineries; Chevron resumed these exports in January 2023.

The U.S. government eased restrictions on PDVSA following the capture of Venezuelan President Nicolas Maduro in January 2026 and took additional measures to authorize U.S. companies to invest in the country to increase Venezuelan domestic crude oil production.

Principal contributors: Kevin Hack

Tags: exports/imports, Venezuela, crude oil, petroleum products

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