US Takes in Half of Venezuela's Crude Oil Exports Amid Middle East Conflict

The United States is now taking in more than half of Venezuela's crude oil exports, according to U.S. Energy Undersecretary Kyle Haustveit.

In a recent meeting with Reuters, Haustveit stated that about 500,000 barrels of Venezuelan crude oil are being sent to U.S. refineries each month, which is roughly half of the country's total production.

This shift in imports comes as the U.S. looks for alternative suppliers due to limited exports from Iraq and Saudi Arabia caused by ongoing conflict in the Middle East.

Venezuela, which sits on the world's largest proven oil reserves, is working to revive its oil sector after years of mismanagement, but it will require significant investments and a long-term commitment to reach its production target of 1.25 million barrels per day by the end of the month.