The United States significantly increased its imports of Venezuelan crude oil in 2026, reaching an average of 701,000 barrels per day in July, the highest level since May 2017, according to the U.S. Energy Information Administration. Imports began the year at approximately 200,000 barrels per day before steadily increasing, then declining slightly to 655,000 barrels per day in August. The increase was driven by strong demand from U.S. Gulf Coast refineries, which are equipped to process Venezuela’s heavy crude oil, as well as improved refinery margins and eased U.S. government restrictions.

The shift follows years of reduced trade after U.S. sanctions on Venezuela’s state-owned oil company, PDVSA, were imposed in 2019. Following further easing of restrictions in 2026, U.S. companies gained greater opportunities to purchase Venezuelan crude and invest in the country’s oil production. The United States has consequently become the largest destination for Venezuelan crude exports, replacing China as its primary market

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