US refineries taking in half of Venezuela’s oil output, official says

What the report says

According to Al Jazeera, a senior US energy official said Venezuela is now sending more than 500,000 barrels per day to US Gulf Coast refineries, amounting to about half of the country’s roughly 1.25 million barrels per day of output. Under Secretary of Energy Kyle Haustveit made the remarks at an industry event in Houston on Tuesday, saying the crude is going to plants designed to process Venezuela’s heavy, sour oil.

The report says the arrangement comes as Venezuela’s oil sector shows signs of recovery after years of underinvestment and sanctions. Al Jazeera noted that Venezuela holds the world’s largest proven oil reserves, but still produces only a small share of global supply. Venezuelan state oil company official Jovanny Martinez said the country aims to raise output further, citing a target of 1.245 million barrels per day by the end of August and growth in exports and domestic fuel production this year.

Haustveit also said the United States is supplying more than 100,000 barrels per day of naphtha to Venezuela to help blend with heavier crude, describing the exchange as a mutually beneficial energy partnership. The article links the trade to broader US control over Venezuelan oil sales after the removal of President Nicolas Maduro, while also noting criticism from the Council on Foreign Relations about a lack of transparency and accountability in how those revenues are being handled.