23/06/2026 by Cameron Clarke
Chris Wright, the US energy secretary, has said the export of crude oil from Venezuela to US refiners could increase over time.
Venezuelan crude is popular among US Gulf Coast refineries because many of them were built to process heavy, sour oil like that from Venezuela. Some facilities require modification, however.
The proximity of the country to the US Gulf Coast also helps ensure smooth supply. Venezuela currently exports about 1.25 million barrels per day (bpd) of oil, half of which goes to the US and most of the remainder to Europe. Before the capture of President Nicolas Maduro, only Chevron, the maker of Texaco lubricant and grease products, was allowed to operate in Venezuela to recoup an outstanding debt.
Speaking in Port Houston, Texas at an event, Wright said:
“It takes time because you buy your crude mixes by month from slates. It’s a blend from everywhere. So, you don’t just flip on a switch, but you’ll see more and more Venezuelan crude demanded by U.S. refineries.”
The oil ministry in Venezuela expects a 22% year-on-year increase in production to reach 1.37 bpd by 2027. Wright said he also expected US oil production to continue rising. It rose by 3% last year to reach 13.6 bpd, setting a new yearly record as the world’s largest producer and exporter of oil. Wright said he expected relatively strong growth in Alaska and off the US Gulf Coast, with shale production also growing but at a more moderate rate.
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