U.S. Imports of Venezuelan Crude Hit Highest Weekly Level Since 2017

U.S. crude oil imports from Venezuela surged by roughly 183,000 barrels per day last week to 782,000 barrels per day.
That is the highest weekly level since August 2017.
Over the past six months, Venezuelan crude imports have increased by around 550,000 barrels per day, or roughly 237%.
The three-month average has now reached approximately 626,000 barrels per day, the highest in nine years.
For context, U.S. imports from Venezuela reached as high as 1.5 million barrels per day in 1997 and consistently averaged more than 1 million barrels per day between 1995 and 2007.
The latest numbers show Venezuelan crude rapidly regaining importance in the U.S. energy supply mix.
That is particularly relevant for Gulf Coast refiners, many of which are designed to process the heavier crude grades Venezuela produces.
If the trend continues, Venezuela could once again become a major source of crude for the U.S. refining system.