Venezuela's Oil Exports Surge Past Half a Million Barrels Per Month

Venezuela's oil exports to the United States have reached unprecedented levels, with over 500,000 barrels of heavy crude being sent to American refineries each month. This is according to U.S. Deputy Energy Secretary Kyle Haustveit, who noted that roughly half of Venezuela's total production goes to the US.

The oil is processed in facilities specifically designed for this type of crude, and a significant amount of lighter oil is also supplied from the US to blend with the heavier Venezuelan grades, making extraction, processing, and transportation easier.

Venezuela's state-owned oil company PDVSA has reported an 19.7% increase in oil exports since the beginning of the year, with the country relying on diluents required for processing and transporting heavy crude.