US refineries taking in half of Venezuela’s oil output, official says
Summary
About half of Venezuela’s oil production, over 500,000 barrels per day, is now being sent to the United States. The US and Venezuela are working together to increase oil production and exports, benefiting refineries on the US Gulf Coast that process Venezuela’s heavy crude oil.Key Facts
- Venezuela produces around 1.25 million barrels of oil per day.
- More than 500,000 barrels per day are exported to the United States.
- US refineries on the Gulf Coast are designed to process Venezuela’s heavy, sour crude oil.
- The US is supporting Venezuela by sending over 100,000 barrels per day of naphtha, a lighter oil used to blend with heavy crude.
- Venezuela aims to increase crude oil output to about 1.245 million barrels per day by August.
- Venezuela’s oil exports have risen nearly 20% this year, while fuel production for domestic use increased by about 5%.
- President Donald Trump stated that Washington would control Venezuelan oil revenues to benefit both countries.
- The US has reportedly collected billions of dollars from Venezuelan oil sales, but details about the use of this money remain unclear.
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