US refineries can process more Venezuelan crude, energy secretary says

U.S. refineries possess the capability to process larger volumes of Venezuelan crude oil, U.S. Energy Secretary Chris Wright stated. This comes as the international oil market undergoes adjustments due to shifts in supply and demand. Wright indicated that Venezuela's oil production is showing signs of recovery, particularly following the capture of Nicolás Maduro earlier in the year.

Refineries along the U.S. Gulf Coast are adapting their processes to handle heavier crude. Wright explained that integrating different crude blends takes time, as purchases are made monthly from various suppliers. However, he anticipates a growing demand for Venezuelan crude by U.S. refineries in the coming months. Currently, Venezuela directs about half of its daily exports, approximately 1.25 million barrels, to the U.S. market, with the remainder going primarily to India and Europe, according to ship-tracking data.

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It requires time because the crude blends are bought monthly from suppliers. It is a mix from everywhere. So it is not something that is solved overnight, but you will see an increasing demand for Venezuelan crude by U.S. refineries.

Venezuela's Ministry of Hydrocarbons projects a 22% increase in production by the end of the year, reaching 1.37 million barrels per day compared to 2025. Secretary Wright also addressed the geopolitical situation, noting that approximately 7 million barrels per day are extracted with U.S. military support in the Persian Gulf. Transit through the Strait of Hormuz has been impacted by the conflict between the U.S. and Israel against Iran. Wright stated that Iran is not currently exporting oil, and Washington is working to offset the reduced regional supply.

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We have had days where we have exported very much above the figure I mentioned. If you look at our current trend, we will have surpassed half of the lost oil.