U.S. Venezuelan Oil Imports Surge Following Maduro Seizure

Imports of Venezuelan crude oil to the U.S. Gulf Coast rose from 110,000 barrels per day in January to 575,000 barrels per day in June 2026. This surge follows the Federal government of the United States military's seizure of Venezuelan President Nicolás Maduro in January and the subsequent U.S. takeover of the Venezuelan oil industry. Export revenues are currently held in U.S.-controlled accounts.

The increased supply provides a critical alternative for Texas refineries, which receive 43% of these imports. This shift occurs as a war between the U.S., Israel, and Iran led to the closure of the Strait of Hormuz, blocking oil shipments from Iraq and Saudi Arabia.

While Chevron Corp. has signed deals to expand operations, production is expected to plateau at 1.15 million barrels per day by 2027. Separately, the Venezuelan government is managing the aftermath of earthquakes that killed over 5,000 people, though these disasters have not significantly impacted oil operations.