Venezuela Exports Half Its Oil Output to US Refineries

The United States has become a significant buyer of Venezuelan oil, with about half of the country's crude output now being exported to American refineries. According to U.S. Under Secretary of Energy Kyle Haustveit, around 500,000 barrels per day of Venezuelan oil are being shipped to the U.S., which is roughly half of the country's total production.

Venezuela is currently producing about 1.25 million barrels of oil per day, Haustveit said. The lighter American crude is being blended with Venezuela's heavier oil, creating a mutually beneficial trade relationship between the two countries.

Giovanni Martinez, vice president of Venezuelan state oil company PDVSA, stated that the U.S. needs Venezuela's heavy crude grades to supply its economy. He also mentioned that Venezuela faces a natural gas deficit of 500 million cubic feet per day and is working on developing domestic production of diluents for its heavier crude grades.