Venezuela Sends About Half of Its Oil Production to the US
In recent months, Venezuela has been sending more than 500 thousand barrels of oil per day to the United States — about half of the country's current production. This was stated on August 18 by US Deputy Secretary of Energy Kyle Haustveit at an event in Houston, his words reported by Reuters. According to the American official's estimate, Venezuela currently produces about 1.25 million barrels per day.
Official US statistics confirm a sharp recovery in oil supplies from Venezuela. According to the US Energy Information Administration (EIA), in December 2025, American imports of Venezuelan oil and petroleum products averaged 137 thousand barrels per day. In January, the figure rose to 200 thousand, in February — to 293 thousand, in March — to 439 thousand, in April — to 482 thousand, and in May reached 544 thousand barrels per day. Thus, in just five months, the volume of supplies increased almost fourfold.
In May, crude oil directly accounted for about 471 thousand barrels per day, compared with 137 thousand barrels in December. May remains the latest month for which the EIA has published complete statistics: the next data update is expected at the end of August. Therefore, Haustveit's statement about supplies exceeding 500 thousand barrels reflects a more recent market situation.
Supplies Returned to Pre-Sanctions Scale
Current volumes are already comparable to the period before the cessation of oil trade between the two countries. According to the EIA, in 2018, the US imported an average of about 510 thousand barrels of crude oil per day from Venezuela. After the imposition of US sanctions against the state-owned oil company Petróleos de Venezuela (PDVSA), supplies practically ceased in 2019. They began to recover only in January 2023 after permits were issued for individual operations.
Venezuelan oil remains in demand primarily on the Gulf Coast. A significant portion of the country's crude is heavy grades with high sulfur content, and a number of US refineries are technically configured specifically to process them. The EIA previously noted that the configuration of refineries on the Gulf Coast is well suited for heavy Venezuelan oil.
There is also a reverse trade flow. For the production, transportation, and preparation of extra-heavy Venezuelan oil, lighter hydrocarbons are needed, used as diluents. In January, the US Department of Energy stated that American diluents would be supplied to Venezuela for blending with heavy oil, while Washington began to selectively ease restrictions that hindered the sale of Venezuelan crude. At the same time, US authorities announced plans to arrange the initial sale of approximately 30-50 million barrels of oil and petroleum products from Venezuela.
US Expanded Permits for Oil Companies
During the first half of 2026, Washington further changed the licensing regime for operations with the Venezuelan oil and gas sector. General License OFAC 46C, effective since June, allows US companies a range of operations necessary for the purchase, sale, transportation, and refining of Venezuelan oil, including its import into the US, subject to compliance with established conditions.
Separate general license 50B permitted transactions related to oil and gas operations in Venezuela for six major international companies and their subsidiaries: BP, Chevron, Eni, Maurel & Prom, Repsol, and Shell. Restrictions remain, including on operations with blocked vessels and certain counterparties, and payments to Venezuelan state entities under the license must be made through accounts designated by US authorities.
Venezuela's Production Is Also Growing
Export growth is accompanied by production recovery. In the August OPEC report, it is stated that in July, Venezuela's production, according to secondary sources, amounted to 1.117 million barrels per day, compared with 1.104 million in June. Venezuela, in direct reporting to OPEC, reported production of 1.2 million barrels per day in July. For comparison, the average for 2025 was 941 thousand barrels according to secondary sources and 1.081 million barrels according to the country's own data.
Thus, the US Department of Energy's estimate of 1.25 million barrels per day is slightly higher than the latest July OPEC data, but the overall trend indicates further recovery of the industry. Simultaneously, the American market has once again become one of the main destinations for Venezuelan oil: the current flow of over 500 thousand barrels per day is already close to the volumes of trade observed before the imposition of tough oil restrictions in 2019.
Based on materials from: U.S. Energy Information Administration, OPEC, U.S. Department of the Treasury
