US receives nearly half of Venezuela's oil output, says energy official

The United States is now importing approximately half of Venezuela's daily oil output, with volumes exceeding 500,000 barrels per day, according to U.S. Deputy Assistant Secretary of Energy Kyle Haustveit. This substantial influx of Venezuelan crude has been consistent over the past two months, directed towards U.S. refineries specifically equipped to process its unique characteristics.

Haustveit disclosed these figures during an event in Houston, noting that the oil is arriving at refineries built to handle Venezuelan crude. This development marks a significant shift after years of U.S. sanctions that had previously curtailed American companies' operations in Venezuela and limited the global market for its oil. The current flow suggests a relaxation or modification of these restrictions, allowing for a more direct trade relationship.

“

In the last two months, we are seeing more than 500,000 barrels of approximately half the production leaving Venezuela arriving in the United States, to refineries that were built specifically for that crude.

The U.S. official also reaffirmed Washington's commitment to respecting existing contracts within Venezuela's energy sector, highlighting the "sanctity of contracts." This stance indicates a U.S. policy aimed at preserving established agreements with companies involved in Venezuelan oil operations, even as the industry undergoes changes.

This increased export volume to the United States represents a departure from Venezuela's recent trade patterns, where a significant portion of its oil exports were directed towards Asian markets, particularly China, due to U.S. restrictions. The shift coincides with a renewed U.S. engagement in Venezuela's oil industry, with American companies resuming or expanding their commercial activities related to crude production and export. The specific characteristics of Venezuelan crude, primarily heavy and high in sulfur, make it particularly suited for specialized U.S. Gulf Coast refineries, further strengthening the relevance of the U.S. market.

“

sanctity of contracts