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Venezuelan Crude Imports Surge to 2017 High

Gulf Coast refiners configured for heavy sour crude are absorbing a sharp rebound in Venezuelan barrels.

Updated on Nov. 6, 2026 in Oil and Gas

Wide view of a flat Gulf Coast refinery with steel distillation columns, storage tanks, pipe runs, and a single tanker at a distant jetty under warm late-afternoon light.
U.S. crude imports from Venezuela reached 701,000 barrels per day in July 2026, the highest monthly level since May 2017, as Gulf Coast refiners absorb heavy sour barrels. AI Illustration. Upload story photo >

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U.S. crude oil imports from Venezuela averaged 701,000 barrels per day in July 2026, the highest monthly level since May 2017, before easing to 655,000 barrels per day in August 2026. For oil and gas operators on the Gulf Coast, the flows mark a sharp rebound from the 200,000 barrels per day seen at the start of 2026.

Why it matters

The rebound follows the easing of U.S. government restrictions on PDVSA after Nicolas Maduro was captured in January 2026, and it is being driven by strong demand from U.S. refineries. Imports from Venezuela stopped shortly after U.S. sanctions on PDVSA in January 2019, so the resumption reshapes which crude grades and suppliers Gulf Coast refiners can rely on.

U.S. imports of Venezuelan crude reached 701,000 barrels per day in July 2026, up from 200,000 barrels per day at the start of the year, before falling to 655,000 barrels per day in August. The United States has been the largest single destination by volume for Venezuelan crude exports in 2026, with no exports to China this year.

The players

Chevron

Chevron is a large integrated oil company whose Venezuelan joint venture supplies heavy crude to U.S. Gulf Coast refineries.

PDVSA

PDVSA is Venezuela's state-owned oil company, whose sanctions and their easing shape the country's crude exports to the United States.

Office of Foreign Assets Control

The Office of Foreign Assets Control is the U.S. Treasury unit that administers sanctions and issues the licenses that govern energy trade with Venezuela.

The details

Many refineries on the U.S. Gulf Coast are configured to process heavy sour crude grades such as those from Venezuela, which lets those plants absorb the barrels as imports rise. Chevron resumed exports from its Venezuelan joint venture to Gulf Coast refineries in January 2023 after the Office of Foreign Assets Control granted it waivers in November 2022, and the 2026 easing of restrictions on PDVSA extended that opening. Strong demand from U.S. refineries has supported the increase in imports.

Timeline

  1. January 2019: U.S. sanctions on PDVSA halted imports from Venezuela.

  2. November 2022: OFAC granted Chevron waivers to resume exports from its Venezuelan joint venture.

  3. January 2023: Chevron resumed exports of Venezuelan crude to the Gulf Coast.

  4. January 2026: U.S. eased restrictions on PDVSA following Maduro's capture.

  5. July 2026: Imports peaked at 701,000 barrels per day.

Market Landscape

The 2026 import surge reverses the halt that followed U.S. sanctions on PDVSA in January 2019 and extends the partial resumption that began when Chevron restarted exports in January 2023. Venezuelan barrels are once again flowing into a Gulf Coast refining system built around heavy sour crude.

Operators in refining, crude trading, and logistics should track monthly U.S. import data for Venezuelan barrels, since the August decline shows volumes can move quickly. Procurement teams at Gulf Coast refineries should review crude slate and contract terms with heavy sour suppliers, and consult qualified counsel before changing sanctions-related contracts.

The takeaway

The main operating lesson is that Venezuelan heavy crude has returned to Gulf Coast refinery feedstock on a scale not seen since 2017, so slate planning now depends on sanctions policy as much as on price. Operators should file the EIA monthly import series and watch whether August's decline to 655,000 barrels per day is followed by renewed growth.

Further reading

For broader context on how supply shifts reach refiners and producers, explore our Oil and Gas coverage.

More information

The U.S. Energy Information Administration's Today in Energy article on Venezuelan crude imports provides the underlying monthly import figures.

Source note: This article includes information reported by Eia.

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