Venezuela Sends Half its Oil Output to US Refineries

US Energy Under Secretary Kyle Haustveit recently spoke at an event in Houston, highlighting a significant shift in Venezuela's oil exports. According to Haustveit, around half of Venezuela's current oil output is being sent to US refineries built specifically for Venezuelan crude.

Haustveit stated that over 500,000 barrels per day are being exported from Venezuela to the United States, with production currently at approximately 1.25 million barrels per day. This marks a significant increase in exports, with figures rising by 19.7% this year alone.

Venezuela's state oil company PDVSA is also working to improve and modernize its refineries, with the goal of increasing fuel output. According to Jovanny Martinez, a VP at PDVSA, Venezuela needs diluents for heavier crude grades that should be developed in-country.