US Crude Oil Imports from Venezuela Reach Highest Level Since 2017
US imports of Venezuelan crude oil have seen their highest level since 2017, according to data from the US Energy Information Administration. The four-week average of US crude oil imports from Venezuela reached 630,000 barrels per day in the week ending July 24, surpassing previous highs since 677,000 b/d in September 2017.
This surge is significant, considering that imports at the end of January 2026 were almost six times lower, at around 110,000 barrels per day. The increase indicates that Venezuela is 'redirecting' more of its oil exports towards the US rather than China, which was previously the biggest importer of Venezuelan crude oil.
Luisa Palacios, an energy expert at Columbia University's School of International and Public Affairs and former chair of Citgo Petroleum, attributes this shift to a stabilisation of oil production in Venezuela. Crude oil production in Venezuela reached 1.12mn b/d in July 2026, up from an average of 941,000 b/d in 2025.
US imports of Venezuelan oil have historically been restricted due to sanctions imposed by the US Treasury's Office of Foreign Assets Control in January 2019. However, with Executive Order 14373 and subsequent general licences issued by Ofac, parts of Venezuela's oil industry are now open for US companies to import and refine Venezuelan oil.