Venezuela Exports Nearly Half of Oil Production to US
Summary
Venezuela says it is exporting nearly half of its oil production to the United States, with 1.25 million barrels a day reportedly flowing to American refineries built for heavy crude. The report says decades of low investment and Western sanctions have sharply reduced Venezuela’s output despite its vast reserves.
Key Points
- Venezuela says nearly half of its oil production is being exported to the United States, amounting to 1.25 million barrels a day.
- The country holds the world’s largest proven oil reserves, but sanctions and underinvestment have cut production to around 1 percent of global supply.
- U.S. refineries on the Gulf Coast are designed to process Venezuela’s heavy, sour crude.
- The article says the U.S. has made more than $13 billion from selling Venezuelan oil this year, according to a Financial Times report.
