U.S. Crude Imports From Venezuela Surge to Highest Weekly Level Since 2017

U.S. crude oil imports from Venezuela jumped by roughly 183,000 barrels per day last week to 782,000 barrels per day.
That marks the highest weekly total since August 2017.
Over the past six months, imports from Venezuela have increased by around 550,000 barrels per day, or roughly 237%.
The three-month average has now climbed to about 626,000 barrels per day, the highest level in nine years.
For perspective, Venezuelan crude imports once reached as high as 1.5 million barrels per day in 1997 and regularly averaged above 1 million barrels per day between 1995 and 2007.
The recent increase shows the U.S. is rapidly rebuilding its intake of Venezuelan crude from historically depressed levels.
That matters for Gulf Coast refiners in particular, many of which are configured to process heavier crude grades.
If the trend continues, Venezuelan barrels could become a much more important part of U.S. crude supply again.