US Cashes In on Venezuelan Oil Bonanza as Caracas Exports Record Volumes to America
Venezuela has been exporting nearly half of its oil production to the United States. According to US Energy Minister Kyle Hastvet, Venezuela sends 1.25 million barrels of oil to America every day.
The oil is transported to refineries on the US Gulf Coast that are built for processing heavy and sour crude oil, which is what Venezuela produces. This has been a significant source of income for the US, with over $13 billion earned from selling Venezuelan oil this year alone, according to news published in the Financial Times in July.
Venezuela has the world's largest proven oil reserves, with 303 billion barrels of crude oil, accounting for 17 percent of the world's total. However, due to decades of low investment and Western sanctions, its oil production has shrunk to just 1 percent of the global supply.