US Refiners Can Still Absorb More Venezuelan Oil, Energy Secretary Wright Says

US refiners possess the capacity to absorb additional crude oil from Venezuela, stated Energy Secretary Chris Wright. This comes as Venezuela's oil production is on the rise following the US's capture of President Nicolas Maduro in January and adjustments made by Gulf Coast facilities to process heavier crude.

Currently, Venezuela directs approximately half of its total daily exports, amounting to 1.25 million barrels, to the United States. The remaining volumes are primarily destined for India and Europe. Venezuela's oil ministry forecasts a production increase to 1.37 million barrels per day by year-end, representing a 22% rise from late 2025 levels. Secretary Wright noted that integrating different crude mixes takes time but anticipates growing demand for Venezuelan crude among US refineries.

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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.

Meanwhile, US oil production is also projected to continue its upward trend, with modest growth expected from shale oil and gas, and stronger increases anticipated from the US Gulf Coast and Alaska. The US has become the world's leading exporter of oil and fuel, shipping 10.5 million barrels per day. Wright also highlighted that US military efforts are facilitating the movement of 7 million barrels of oil daily out of the Gulf, helping to compensate for disrupted flows through the Strait of Hormuz amid the ongoing Middle East conflict.

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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.