US crude imports from Venezuela hit 701k b/d in July, the most since 2017, up from 200k b/d to start the year. Heavy sour barrels are back for Gulf Coast refiners on high global refinery margins and e

What happened: U.S. crude oil imports from Venezuela averaged 701,000 b/d in July 2026, the highest since May 2017, then fell to 655,000 b/d in August, per the EIA Petroleum Supply Monthly. Key numbers: July 2026: 701,000 b/d. August 2026: 655,000 b/d. Start of 2026: 200,000 b/d. Sanctions on PDVSA imposed January 2019. Chevron waivers granted November 2022, exports resumed January 2023. Why it matters: Imports are supported by high refinery margins and eased U.S. restrictions, and the United States has replaced China as the largest single destination for Venezuelan crude exports in 2026.

U.S. crude oil imports from Venezuela averaged 701,000 b/d in July 2026, the highest since May 2017, then fell to 655,000 b/d in August, per the EIA Petroleum Supply Monthly.

Imports are supported by high refinery margins and eased U.S. restrictions, and the United States has replaced China as the largest single destination for Venezuelan crude exports in 2026.