U.S. Venezuelan Crude Imports Hit Highest Since 2017

Imports from Venezuela peaked in July 2026 before easing in August as refiners continued drawing on the heavy crude supply.

Updated on Nov. 6, 2026 in Oil and Gas

U.S. Venezuelan Crude Imports Hit Highest Since 2017

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U.S. crude oil imports from Venezuela averaged 701,000 barrels per day in July 2026, the highest monthly level since May 2017. Imports then decreased to 655,000 barrels per day in August 2026.

Why it matters

The rebound follows years of halted trade after U.S. sanctions on PDVSA in January 2019 and reflects the easing of U.S. government restrictions following the capture of Nicolas Maduro in January 2026. The shift matters for U.S. Gulf Coast refiners configured to process heavy sour crude.

U.S. imports of Venezuelan crude rose from 200,000 barrels per day at the start of 2026 to a 701,000 barrel-per-day peak in July before falling to 655,000 barrels per day in August. The reason for the August drop has not been specified in the available data.

The players

Chevron

Chevron is a major American oil company whose Venezuelan joint venture received U.S. waivers to resume crude exports to Gulf Coast refineries.

Office of Foreign Assets Control

The Office of Foreign Assets Control is the U.S. Treasury agency that administers and enforces economic sanctions, including the waivers granted to Chevron.

PDVSA

PDVSA, Venezuela's state-owned oil company, was the subject of U.S. sanctions in 2019 and later eased restrictions in 2026.

The details

Venezuelan crude exports to the United States stopped after 2019 sanctions, then resumed in January 2023 under Chevron waivers granted by the Office of Foreign Assets Control in November 2022. In 2026, Venezuela has exported no crude to China, which received most of its shipments in 2025, and the United States has become the largest single destination by volume.

January 2019: U.S. sanctions on PDVSA halted imports from Venezuela.
November 2022: OFAC granted Chevron waivers to resume exports to U.S. Gulf Coast refineries.
January 2023: Chevron resumed exports of Venezuelan crude.
January 2026: The U.S. eased restrictions on PDVSA after Nicolas Maduro was captured.
July 2026: U.S. imports from Venezuela peaked at 701,000 barrels per day.

Industry Context

The July 2026 peak in Venezuelan crude imports exceeded the levels last seen in May 2017, reversing the import halt imposed by the January 2019 U.S. sanctions on PDVSA. The rebound follows the Office of Foreign Assets Control's November 2022 waivers that allowed Chevron to resume exports to Gulf Coast refineries.

Higher Venezuelan crude imports can affect the supply mix available to U.S. refiners, which may influence the cost and availability of petroleum products. Consumers may feel these effects indirectly through fuel prices if refinery supply shifts persist.

The takeaway

Venezuelan crude has returned as a significant supply source for U.S. refiners after years of restrictions. Tracking monthly import data will show whether the August decline marks a lasting shift or a temporary dip.