U.S. crude oil imports from Venezuela in July were highest since 2017

In July 2026, U.S. crude oil imports from Venezuela reached their highest level since May 2017, averaging 701,000 barrels per day (b/d), according to the Petroleum Supply Monthly data released by the government. However, this volume dropped to 655,000 b/d in the following month of August. Import figures for Venezuela began the year at a relatively low 200,000 b/d, gradually increasing each month throughout the year.

The rise in imports can be attributed to strong demand for crude oil by U.S. refineries, driven by high global refinery margins and reduced restrictions imposed by the U.S. government on Venezuelan oil purchases. Many refineries located along the U.S. Gulf Coast (PADD 3) are specifically designed to handle heavy, sour crude oil grades, similar to those produced in Venezuela.

According to Vortexa data, the majority of Venezuela's crude oil exports in 2025 were headed towards China; however, in 2026, Venezuela ceased exporting crude oil to China and instead became the largest single destination for U.S. imports of Venezuelan crude oil. Importations from Venezuela ceased in early 2019 following the imposition of sanctions by the United States on Petróleos de Venezuela SA (PDVSA), the state-owned oil company.

However, in November 2022, the U.S. Treasury's Office of Foreign Assets Control granted Chevron waivers to resume exports of Venezuelan crude oil to U.S. Gulf Coast refineries. Chevron began these exports again in January 2023. The easing of U.S. restrictions on PDVSA came about after the capture of Venezuelan President Nicolas Maduro in January 2026.

Subsequently, the U.S. government took further steps to authorize U.S. companies to invest in Venezuela, with the aim of boosting domestic crude oil production in the country.