Saudi Industry Minister Discusses Digital Transformation, Industrial Cooperation with Kazakh Ministers

US refineries are capable of processing increased volumes of Venezuelan crude oil, according to Energy Secretary Chris Wright. This comes as Venezuela's oil output rebounds following eased sanctions, with facilities on the US Gulf Coast adapting to handle heavier oil.

Venezuela is currently exporting approximately 1.25 million barrels of crude per day, with about half directed to the US. The remaining volumes are primarily going to India and Europe. Wright indicated that these exports are expected to rise in the coming months, with Venezuela's oil ministry forecasting production to reach 1.37 million barrels per day by year-end, a 22% increase from late 2025 levels.

“

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 US refineries.

"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 US refineries," Wright stated. He added that US oil production is also projected to grow, driven by modest increases in shale oil and gas, and stronger crude growth from the US Gulf Coast and Alaska.

Wright also addressed oil flows through the Strait of Hormuz, noting that 7 million barrels per day of oil are exiting the Gulf with US military assistance. He confirmed that Iran is not currently exporting any oil or products, and the US is working to fill the export void created by the Middle East conflict. While the International Energy Agency estimated a drop of 14 million barrels per day in Gulf supply, Wright suggested the actual figure might be closer to 5 to 6 million barrels per day as producers find ways to maintain shipments.

“

We have had days where we've exported well above the number I gave. If you look at our trend right now, we'll be past replacing more than half of the lost oil.