US crude imports from Venezuela hit nine-year high at 701,000 barrels per day

United States crude oil imports from Venezuela surged to a nine-year high in July 2026, averaging 701,000 barrels per day (bpd), as strong demand from American refineries and the easing of Washington's restrictions on Venezuelan oil purchases reshaped global energy trade flows.

According to the US Energy Information Administration (EIA), the July figure represented the highest monthly import volume since May 2017. However, shipments moderated in August, declining to 655,000 barrels per day, according to data published in the agency's Petroleum Supply Monthly report.

The figures highlighted a sharp recovery in American purchases of Venezuelan crude, which had started the year at approximately 200,000 barrels per day before increasing steadily during most subsequent months.

The EIA attributed the rise to strong demand from US refineries, supported by elevated global refining margins and the relaxation of government restrictions on oil purchases from Venezuela.

The development also reflected changing energy trade relationships following Washington's decision to ease sanctions on Venezuela's state-owned oil company, Petróleos de Venezuela SA (PDVSA).

𝐔𝐒 𝐫𝐞𝐟𝐢𝐧𝐞𝐫𝐢𝐞𝐬 𝐝𝐫𝐢𝐯𝐞 𝐝𝐞𝐦𝐚𝐧𝐝

A major factor behind the increase has been the configuration of refineries along the US Gulf Coast, many of which are designed to process heavy, sour crude oil produced in Venezuela.

These facilities, located in the Petroleum Administration for Defense District 3 (PADD 3), have historically relied on heavier crude grades to maintain efficient operations and optimise refining margins.

The EIA said high global refinery margins had encouraged American refiners to increase purchases of Venezuelan oil, while changes in government policy had facilitated greater access to the South American country's supplies.

The growing flow of crude has also strengthened commercial ties between American energy companies and Venezuela's oil industry following years of restricted trade.

𝐂𝐡𝐢𝐧𝐚 𝐥𝐨𝐬𝐞𝐬 𝐭𝐨𝐩 𝐛𝐮𝐲𝐞𝐫 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧

The increase in American imports has coincided with a major redirection of Venezuelan crude exports away from Asian markets, particularly China.

According to shipping data compiled by Vortexa and cited by the EIA, China accounted for the majority of Venezuela's crude oil exports in 2025.

However, Venezuela recorded no crude oil exports to China during 2026, with the United States emerging as the single largest destination by volume for Venezuelan shipments.

The shift represented a significant change in the country's oil export patterns, reflecting both the reopening of the American market and adjustments in international trading arrangements.

The United States' growing role as a buyer has also provided Venezuelan producers with access to refineries equipped to process their heavy crude grades.

𝐒𝐚𝐧𝐜𝐭𝐢𝐨𝐧𝐬 𝐞𝐚𝐬𝐢𝐧𝐠 𝐛𝐨𝐨𝐬𝐭𝐬 𝐭𝐫𝐚𝐝𝐞

US imports of Venezuelan crude had effectively stopped after Washington imposed sanctions on PDVSA in January 2019, sharply restricting the country's access to the American energy market.

A gradual resumption began in November 2022, when the US Treasury Department's Office of Foreign Assets Control granted waivers allowing Chevron to restart exports from its joint venture operations in Venezuela.

Chevron subsequently resumed shipments to US Gulf Coast refineries in January 2023, marking an important step towards restoring commercial oil flows between the two countries.

Washington introduced broader changes to its sanctions framework following the capture of Venezuelan President Nicolas Maduro in January 2026.

The US government subsequently eased restrictions on PDVSA and authorised American companies to invest in Venezuela's energy sector to support an expansion of domestic crude oil production.

These measures created additional opportunities for American energy firms to participate in Venezuela's oil industry while facilitating increased exports to the United States.

𝐄𝐧𝐞𝐫𝐠𝐲 𝐭𝐫𝐚𝐝𝐞 𝐩𝐚𝐭𝐭𝐞𝐫𝐧𝐬 𝐬𝐡𝐢𝐟𝐭

The July import figures underscored the scale of the recovery in bilateral crude oil trade, with American purchases more than tripling from their levels at the beginning of the year.

Although imports declined moderately in August, volumes remained substantially higher than those recorded in January, indicating continued demand for Venezuelan crude among American refiners.

The developments also demonstrated how changes in sanctions policy and refinery demand can influence international oil trade flows.

With American companies gaining greater access to Venezuelan oil production and exports, the evolving relationship between the two countries is reshaping Venezuela's position in the global energy market.

The EIA figures showed that the United States had regained its position as Venezuela's principal crude oil export destination, marking a significant reversal of the trading patterns that had prevailed during years of sanctions.