Record Figure: Venezuela Bought 120,000 bpd of Diluents from the United States in February

Recent data reveals a significant uptick in Venezuela's acquisition of diluents from the United States, with February's purchases hitting 120,000 barrels per day (bpd). This represents a staggering 114% increase compared to the previous month and marks the highest volume of such imports since 2018, a period before the U.S. imposed stringent oil sanctions in January 2019.

These diluents are crucial for Venezuela's oil refining process, enabling the transformation of its heavy crude into finished products like gasoline, diesel, and jet fuel. For a considerable time, Venezuela relied on Russia as its primary supplier of these essential materials. However, the recent flexibilization of U.S. sanctions has paved the way for Venezuela to resume purchases from its traditional, and geographically closer, American suppliers.

The volume of diluents imported in February is particularly noteworthy. While the current figures represent a substantial recovery, they still fall short of the pre-sanction averages. In 2018, Venezuela's monthly average for diluent imports stood at 123,000 bpd. The average for the first two months of 2026 has reached 88,000 bpd, a 405% increase from 2025's average of 17,400 bpd, but still below the 2018 peak.

The necessity for these diluents stems from the unique nature of Venezuela's crude oil, particularly the extra-heavy varieties extracted from the Orinoco Belt. This type of petroleum presents significant challenges for pipeline transport and processing within the nation's refining infrastructure. The renewed access to U.S. diluents is therefore a critical development for Venezuela's oil industry, offering a potential pathway to increased production and export capabilities, albeit still constrained by the lingering effects of past sanctions and the inherent complexities of its oil reserves.