About half of Venezuela’s crude output now goes to U.S. refineries
About half of the oil produced in Venezuela is now being exported to the United States, U.S. Under Secretary of Energy Kyle Haustveit said, Reuters reported on Aug. 18.
According to U.S. Under Secretary of Energy Kyle Haustveit, approximately half of Venezuela's crude oil production is now being exported to the United States, as reported by Reuters on August 18. Over recent months, about 500,000 barrels of Venezuelan oil have been flowing into the U.S., with roughly half of Venezuela's daily production of 1.25 million barrels per day.
Additionally, more than 100,000 barrels per day of U.S. crude is being transported to Venezuela to bolster its production. The lighter U.S. crude is blended with Venezuela's heavier oil, creating a mutually beneficial energy partnership. The United States and Venezuela signed five agreements in June to develop oil and gas projects, including the Loran gas field.
Despite the U.S. partially easing sanctions on Venezuela in March to stabilize the global oil market, restrictions persist, including oversight of financial transactions and prohibitions on certain dealings.
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