Venezuela Oil Exports to the US Hit a Seven-Year High

Venezuela's crude oil exports to the United States reached a seven-year high in July 2026, according to Reuters vessel-tracking data. Shipments averaged approximately 786,000 barrels per day, making the US Venezuela's largest crude supplier, second only to Canada among US suppliers. This volume represented a significant rebound in Venezuelan exports.

Chevron, through joint ventures with PDVSA, contributed roughly 250,000-280,000 barrels per day to these exports, indicating the company's critical role in the sector. The US remains Venezuela's top destination for crude, but the overall US crude import mix still favors Canada. The Venezuelan government has urged the Trump administration to lift sanctions, but verified quotes from acting president Delcy Rodríguez are not available.

Rodríguez's title as 'acting president' rather than 'president' is a point of contention. US sanctions on Venezuela's energy sector were eased in 2026, allowing companies like Chevron to expand operations; however, a broader sanctions framework remains in place. This partial easing has contributed to the rise in exports. Chevron is the only major US oil company still active in Venezuela, with its operations tied to the sanctions framework.

Any changes in policy will directly impact its production. The data suggests that Venezuela's oil exports to the US are likely to stay elevated if sanctions remain eased, though the exact ranking will depend on further data from Kpler and EIA. Monitoring Chevron's license renewals and new sanctions waivers will be crucial in understanding the future of production.