Venezuela's U.S. crude oil imports hit highest level since 2017 According to the latest EIA data, U.S. crude oil imports from Venezuela averaged 701,000 barrels per day (b/d) in July 2026, the highest since May 2017, before falling to 655,000 b/d in August. Oil imports from Venezuela stood at 200,000 bpd at the beginning of the year and have risen steadily almost every month of the year. The increase in imports was supported by strong demand for crude oil from US refineries due to high refining margins in the global market and the easing of US government restrictions on purchases from this country. Many Gulf Coast refineries are designed to process heavy and sour raw materials such as Venezuelan crude oil. Most of Venezuela's crude oil exports in 2025 were destined for China, according to Vortexa. In 2026, Venezuela did not export crude oil to China, and instead the largest export destination by volume was the United States.

Venezuela's U.S. crude oil imports hit highest level since 2017 According to the latest EIA data, U.S. crude oil imports from Venezuela averaged 701,000 barrels per day (b/d) in July 2026, the highest since May 2017, before falling to 655,000 b/d in August. Oil imports from Venezuela stood at 200,000 bpd at the beginning of the year and have risen steadily almost every month of the year. The increase in imports was supported by strong demand for crude oil from US refineries due to high refining margins in the global market and the easing of US government restrictions on purchases from this country. Many Gulf Coast refineries are designed to process heavy and sour raw materials such as Venezuelan crude oil. Most of Venezuela's crude oil exports in 2025 were destined for China, according to Vortexa. In 2026, Venezuela did not export crude oil to China, and instead the largest export destination by volume was the United States.