Venezuela Ranks Second in US Crude Oil Imports for 18 Straight Weeks
Venezuela · OIL
Key Facts
- —Ranking Venezuela has been the second-largest US crude supplier for 18 consecutive weeks.
- —Latest week Venezuela shipped 662,000 barrels per day in the week ending 21 August.
- —Peak The week ending 7 August brought 743,000 barrels daily, the highest since 2017.
- —Buyers Valero, Chevron, Citgo, Phillips 66 and PBF took most May 2026 cargoes.
- —Volumes Venezuelan crude oil averaged 575,000 barrels daily across the 18-week run.
Weekly federal import data confirm a striking ranking, and the volumes behind Venezuelan crude oil explain it.
Venezuelan crude oil has been the second-largest source of US crude imports for 18 consecutive weeks. Federal weekly data through 21 August 2026 confirm the run, which began in late April.
What the weekly federal data actually show
The claim circulating this week is that Venezuela has been the second-largest oil supplier to the United States. Checked against the source series, it holds for crude oil.
The US Energy Information Administration, or EIA, publishes weekly preliminary crude imports from the leading supplier countries. Its table for the week ending 21 August 2026 was released on 26 August.
In that week Venezuela shipped 662,000 barrels per day, or bpd, of crude to US ports. Canada led with 3.53 million bpd, ahead of Brazil at 348,000 and Mexico at 196,000.
Venezuela has held second place in every weekly reading since the week ending 24 April. That is 18 straight weeks, and the run was last broken when Saudi Arabia edged ahead in mid-April.
Total US crude imports have drifted down since 2024, which lifts every remaining supplier’s share. Even so, the Venezuelan gain is real in absolute barrels, not only in percentage terms.
The volumes behind the ranking
Rank alone flatters a country when total imports fall, so the volumes matter more. Venezuelan crude oil imports averaged 575,000 bpd across the 18-week run.
The week ending 7 August brought 743,000 bpd, the highest weekly figure since August 2017. Canada averaged 3.79 million bpd over the same stretch and remains far ahead.
The trend is steep rather than sudden. Weekly imports from Venezuela averaged 263,000 bpd in 2024 and only 139,000 bpd in 2025.
Final monthly data, which arrive later and replace the weekly estimates, tell the same story. For May 2026 the EIA recorded 471,000 bpd from Venezuela, against 276,000 from Mexico.
Who is actually buying the barrels
Company-level import records name the refiners, and they are not obscure. Valero took 179,000 bpd in May 2026, about 38 percent of the Venezuelan total.
Chevron followed with 85,000 bpd and Citgo with 80,000, ahead of Phillips 66 at 63,000. The Paulsboro unit of PBF Energy booked 36,000 bpd and ExxonMobil 17,000.
Almost all of it landed on the Gulf Coast. Those ports took 97 percent of the volume, led by Gramercy, Port Arthur and Pascagoula.
Buyers increasingly deal directly with Petróleos de Venezuela, the state oil company known as PDVSA. Phillips 66 and India’s Reliance Industries started direct purchases in May, displacing trading houses.
Chevron remains the largest single American operator inside the country through its joint ventures. Its Venezuelan exports averaged about 293,000 bpd in the second quarter, up from 223,000 earlier.
Why Gulf Coast refineries want this particular oil
The cargoes are heavy and sour, which means dense and high in sulphur. May shipments averaged 14.4 degrees on the American Petroleum Institute density scale, with 3.31 percent sulphur.
Light crude flows easily and yields petrol with little processing. Heavy sour crude does not, and it therefore sells at a discount to compensate.
Gulf Coast plants were built decades ago to run exactly this kind of barrel. Their coking units crack the tar-like residue into usable fuel, which simpler refineries cannot do.
The main export grade, Merey 16, is extra-heavy Orinoco oil cut with lighter naphtha or condensate. Complex refineries in Texas, Louisiana and Mississippi are among the few able to process it.
The licences that make the trade legal
None of this would be lawful without permission from the Office of Foreign Assets Control. That US Treasury unit, known as OFAC, administers the sanctions programme covering Venezuela.
Washington began issuing the licences in late January 2026, after Nicolás Maduro was removed from power. Delcy Rodríguez now serves as acting president and fronts the government’s energy announcements.
General Licence 46, issued on 29 January 2026 and amended twice since, authorises Venezuelan oil exports. General Licence 47 followed on 3 February and permits US diluent sales to Venezuela.
Further licences issued on 10 and 13 February cover field operations and contingent investment contracts. A separate licence covering a disputed PDVSA bond took effect on 4 August 2026.
The licences carry conditions on counterparties, vessels, payment routing and record keeping. Dealings involving Russian, Iranian, Cuban or North Korean entities stay outside the authorisation.
What could break the run
Every licence can be narrowed or withdrawn, and none of them is permanent. The trade rests on an administrative decision rather than on a treaty or a statute.
Payment is the second constraint, because banks must route oil revenue through approved channels. Venezuela remains in default on external debt, and litigation over PDVSA bonds and Citgo continues.
Rising revenue can itself attract creditors seeking to enforce old judgments. Sanctions lawyers advising on the sector flag that risk alongside the heavy compliance burden.
Physical constraints matter too, since Venezuela must import diluent to move its heaviest oil at all. It bought roughly 81,000 bpd of heavy naphtha in July 2026, mostly from US suppliers.
Twin earthquakes on 24 June briefly disrupted loadings without damaging fields or refineries. PDVSA reported no harm to production, and the weekly import series barely registered the event.
How to read the second-place claim
The ranking covers crude oil only, not refined products such as petrol or diesel. It also rests on preliminary weekly estimates, which the EIA revises when monthly figures arrive.
Those revisions have not undermined the picture so far this year. Final monthly data for April and May 2026 also place Venezuela second, ahead of Mexico and Guyana.
Weekly readings swing widely because a single cargo can shift the average. Venezuelan crude oil imports ranged from 310,000 to 743,000 bpd within the same 18-week run.
Caracas says national output reached 1.23 million bpd in August, the highest since 2019. That figure is an official claim and remains unverified by independent monitors.
Frequently Asked Questions
Is Venezuela really the second-largest oil supplier to the United States?
Yes, for crude oil, on federal weekly data since late April 2026. Canada remains far ahead in first place.
Which companies import Venezuelan crude oil into the United States?
Valero, Chevron, Citgo, Phillips 66, PBF Energy and ExxonMobil all took cargoes in May 2026. Most landed on the Gulf Coast.
Could the trade stop again?
It could, because the Treasury licences allowing it are administrative and revocable at short notice. Payment routing and creditor claims add further risk.
Connected Coverage
Venezuela Claims Oil Production Hits Highest Since 2019
PDVSA Diluent Imports From US Fuel Venezuela’s Heavy Crude Exports
Sources
- www.eia.gov
- www.eia.gov
- www.eia.gov
- ofac.treasury.gov
- www.crowell.com
- www.foley.com
- www.fieldfisher.com
- www.spglobal.com
- www.spglobal.com
- boereport.com
- www.upi.com
- www.riotimesonline.com
- www.riotimesonline.com
- www.riotimesonline.com
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