US Imports of Venezuelan Crude Oil Reach 7.5-Year High

US imports of Venezuelan crude oil reached a 7 ½-year high last week, according to data reported by @JavierBlas. The volume was sufficient to rank Venezuela as the second-largest supplier of crude to the United States, trailing only Canada. The figures mark the highest level of Venezuelan crude imports recorded since the second half of 2018.

Refiners increased purchases even as overall US crude import volumes have fluctuated in response to domestic production and global market conditions.

Venezuela's rise to second place among suppliers occurred as imports from other countries adjusted. Canada remained the dominant source, consistent with its position in recent years due to pipeline infrastructure and geographic proximity. The data provide a weekly snapshot rather than a monthly or quarterly average.

Weekly fluctuations can result from tanker schedules, maintenance at refineries, or short-term trading decisions.

Venezuela holds substantial proven oil reserves but has faced years of declining production due to underinvestment and infrastructure challenges. No policy announcement accompanied the import data. The volumes reflect commercial transactions between Venezuelan state oil company PDVSA and US buyers operating under existing licenses.

The reporting draws from tanker tracking and official trade statistics compiled in recent days. Further monthly aggregates are expected in the coming weeks and will provide additional detail on whether the weekly high represents a sustained trend.