Venezuela’s Oil Exports to the U.S. Surge by 51% in First Four Months of 2024

Venezuela Becomes an Indispensable Crude Oil Supplier to the U.S.

Venezuela has emerged as one of the top crude oil exporters to the United States (U.S.), with a significant increase in sales during the first four months of 2024. According to recent data from the U.S. Energy Information Administration (EIA), Venezuela ranked sixth among crude oil exporters to the U.S. in April, shipping 209,000 barrels per day (bpd).

This milestone represents a 49% year-over-year increase compared to the same month in 2023. Venezuela maintained its sixth-place ranking for the second consecutive month. In March, Venezuela climbed to the sixth spot, exporting 177,000 bpd, after falling to tenth place in February.

From January to April 2024, Venezuelan crude oil exports to the U.S. grew by 51% compared to the same period in 2023. During this period, the country averaged 170,000 bpd, while in 2023, the average was 86,750 bpd. This resurgence marks a significant return of Venezuela to the U.S. petroleum market.

The Top Three Exporters

The top three exporters remain unchanged, although they are losing market share, particularly Mexico. Canada comfortably maintains the top position in April, exporting 4,078,000 bpd to the U.S., a 12% decrease compared to April 2023. Mexico, although its exports have fallen by 31% year-over-year, retains the second position, shipping around 414,000 bpd. Saudi Arabia’s exports have decreased by 11% compared to April 2023, sending 342,000 bpd, but it still holds the third spot.

OPEC’s Share of U.S. Crude Oil Imports

The latest EIA figures also reveal OPEC’s (Organization of the Petroleum Exporting Countries) share in U.S. crude oil consumption. In April, OPEC’s shipments averaged 1,098,000 bpd, while non-OPEC countries sent 5,480,000 bpd. This demonstrates the U.S. preference for non-OPEC countries when purchasing crude oil, although a significant portion of these imports comes from neighboring Canada and Mexico, which are not OPEC members and have historically been key players in the U.S. energy demand.

It is important to note that this ranking is limited to crude oil exports and does not include all refined petroleum products.