U.S. Takes Big Share of Venezuela's Oil Production Amid Strengthened Partnership

The United States has become a significant buyer of Venezuela's oil, accounting for over half of its daily production. According to U.S. Deputy Secretary of Energy Kyle Hausweith, Venezuela produces approximately 1.25 million barrels of oil per day, with more than 500,000 going to U.S. refineries.

This partnership has been strengthened in recent months, with the U.S. allowing Venezuelan state-owned oil company PDVSA to export its oil directly to global markets. In July, it was reported that the Trump administration had received over $13 billion in revenue from the sale of Venezuelan oil.

Giovanni Martinez, vice president of PDVSA, noted that Venezuela's oil exports have increased by 19.7% this year. Hausweith described the energy partnership between the two countries as 'a wonderful' and 'open market', where both parties benefit equally.