Venezuelan Oil Floods Into Texas Amid Middle East Supply Crunch

Texas oil refiners have seen a significant increase in Venezuelan crude oil imports since the US took control of Venezuela's oil industry, averaging 575,000 barrels per day in June.

This is the largest average daily import volume from Venezuela since 2018, and it has provided a boost to Texas refineries during the energy supply shock triggered by the Iran war.

The Gulf Coast has received the majority of these imports, with 43% going to over 10 Texas refineries equipped to handle Venezuela's heavy crude grade.

Analysts say this is an opportune time for Venezuelan oil to return to the Texas coast, as the on-again, off-again closure of the Strait of Hormuz has choked off crude oil shipments from several Middle Eastern countries.