Venezuela is now sending more than half a million barrels of crude oil per day to the United States, accounting for roughly 40 percent of its total production, according to a senior US energy official.
Under Secretary of Energy Kyle Haustveit said Venezuela is currently producing about 1.25 million barrels per day, with more than 500,000 barrels destined for US Gulf Coast refineries.
The increase follows major changes in Venezuela’s oil sector after the removal of President Nicolas Maduro and the installation of an interim government in Caracas.
US officials say American refineries are well suited to process Venezuela’s heavy, sour crude. Washington is also supplying more than 100,000 barrels per day of naphtha to Venezuela to help blend and process the heavier oil.
Venezuela’s state oil company PDVSA expects crude production to reach about 1.245 million barrels per day by the end of August. Officials also reported that oil exports have increased by nearly 20 percent this year.
The United States has maintained significant oversight of revenue from Venezuelan oil sales. The Financial Times reported that Washington had collected more than $13 billion from Venezuelan oil sales this year, while US officials have provided limited public details on how the funds are being managed.
The development has raised concerns among Venezuelan opposition groups and international observers over transparency, accountability and the country’s political future.
Venezuela possesses the world’s largest proven oil reserves, estimated at about 303 billion barrels, but years of underinvestment and sanctions severely reduced its production capacity.
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