Economic Warfare & Trade Policy Energy & commodities
U.S. imports of crude oil from Venezuela averaged 701,000 barrels a day in July, the most since May 2017, before slipping to 655,000 barrels a day in August, the U.S. Energy Information Administration said on Friday, Nov. 6. Imports started the year at 200,000 barrels a day and rose in most months.
Related: our Nov. 6 Geopolitics & Business Report.
Why imports are rising
The EIA said high demand from U.S. refineries, driven by strong global refinery margins, and the easing of U.S. restrictions on purchases from Venezuela support the increase. Many refineries on the U.S. Gulf Coast are configured to process heavy sour crude grades such as Venezuela’s.
A shift away from China
Most of Venezuela’s crude exports in 2025 went to China, according to Vortexa data cited by the EIA. In 2026, Venezuela has exported no crude to China, and the United States has been the largest single destination by volume, the agency said.
How the trade came back
U.S. imports stopped shortly after sanctions on state oil company PDVSA in January 2019. Chevron received waivers in November 2022 and resumed exports from its joint ventures in January 2023, the EIA said. The U.S. eased restrictions on PDVSA after the capture of President Nicolás Maduro in January 2026 and took further steps to let U.S. companies invest in raising Venezuelan output.
More coverage is in Business & Finance.
Sources
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