U.S. crude imports from Venezuela surged to a seven-year high of 701,000 barrels per day in July 2026, driven by eased sanctions and strong demand from Gulf Coast refineries.
Chevron received OFAC waivers in November 2022 and has exported crude from its Venezuelan joint ventures since January 2023; after the US eased PDVSA restrictions in January 2026 it took additional measures to authorize US companies to invest in Venezuela to raise production. This improves Chevron's access to Venezuelan barrels and potential growth, though no financial figures are given.
Chevron is the US company named with waivers to export crude from its Venezuelan joint ventures, and the 2026 easing of restrictions plus authorization for US investment in Venezuelan production support its position there.
US imports of Venezuelan crude rose from 200,000 b/d at the start of 2026 to 701,000 b/d in July and 655,000 b/d in August, the most since May 2017, as Washington eased PDVSA restrictions after Nicolas Maduro's capture in January 2026 and authorized US companies to invest in raising Venezuelan production. More barrels reaching US Gulf Coast refineries adds supply that weighs modestly on crude prices, though the data are lagged and partly offset by high refinery demand.
More Venezuelan heavy crude flowing to US refineries means more supply in the market, which generally puts mild downward pressure on crude prices, especially since the US government also authorized companies to invest in boosting Venezuelan production.
U.S. crude oil imports from Venezuela reached 701,000 barrels per day in July 2026, marking the highest level since May 2017. This surge follows the easing of U.S. sanctions on PDVSA and new authorizations for American companies to invest in Venezuelan production. While volumes dipped slightly to 655,000 barrels per day in August, the U.S. has replaced China as the primary destination for Venezuelan crude exports.
Increased supply of heavy sour crude from Venezuela to U.S. refineries generally exerts mild downward pressure on crude prices, though this is currently balanced by high refinery demand.
Chevron benefits from ongoing OFAC waivers and new U.S. authorizations that allow the company to invest in and export crude from its Venezuelan joint ventures.