US Takes In About Half of Venezuela's Oil Output

A senior US official said Venezuela is exporting about half of its crude oil output to the US, seven months after Washington detained President Nicolas Maduro and set up an interim government in Caracas.

Speaking at an energy industry event in Houston on Tuesday, US Deputy Energy Secretary Kyle Haustveit said more than 500,000 barrels per day (bpd) are currently being shipped from Venezuela to the US, while the country's total production stands at about 1.25 million bpd. He added that this oil is being routed to refineries "built specifically for this type of crude."

Venezuela holds the world's largest proven oil reserves, estimated at about 303 billion barrels, or roughly 17% of the global total, according to the US Energy Information Administration. However, due to decades of underinvestment and sanctions, the country produces only about 1% of world supply. By late 2025, Venezuela's output was around 1 million bpd, with about 135,000 bpd exported to the US.

Venezuelan oil is heavy and high in sulfur, exactly the type that US Gulf Coast refineries are designed to process, making the resumption of imports directly beneficial to those plants.

'A Beautiful Energy Partnership'

Haustveit also said Washington is supporting expanded production in Venezuela, with the US sending more than 100,000 barrels of naphtha per day to blend with heavy crude. He called the arrangement "a beautiful energy partnership," stressing "real value is being created on both sides of the deal."

Venezuelan officials at the event expressed hopes for further output gains. Jovanny Martinez, vice president of Venezuela's state oil company PDVSA, said crude production would reach 1.245 million bpd by the end of August, with exports up 19.7% this year. He also said fuel output has risen 12.9% year-to-date, providing 5.4% more fuel to the domestic market.

"We have made great efforts for energy reform, and now we are looking for real results in development," Martinez said. He noted the country's refineries need improvement, modernization, and expansion, and that Venezuela must develop domestic diluents for heavy crude locally.

Venezuela's oil output rose after President Donald Trump declared the US would run the country and tap its oil reserves. In the days after Maduro's detention, Trump said "the money will be under my control" to "ensure it is used for the benefit of the Venezuelan people and the United States."

Secretary of State Marco Rubio later told Congress that proceeds from Venezuela's oil sales "will be deposited into an account we will oversee." He added that Caracas would have to submit monthly budgets for the account, and Washington would specify disallowed expenditures in advance.

The Financial Times reported in July that the US had collected more than $13 billion in revenue from Venezuela's oil sales this year. Responding to that report on July 27, Trump said the actual figure is higher. But his administration has released little about these funds.

In April, a State Department official told Congress that the department had authorized disbursements of about $3 billion to Venezuela. The Council on Foreign Relations, an independent think tank, said in June that while the administration repeatedly claims controlling Venezuela's oil exports benefits both nations, "they have not publicly disclosed how much oil has been sold, the revenue collected, or how those funds have been used." The group also pointed to similar opacity regarding Venezuelan gold and other minerals under Washington's control.

The think tank also voiced concerns over the Trump administration's decision to exclude Venezuela's opposition and civil society from discussions with the interim government in Caracas about the country's future. That government is led by Maduro's former vice president, Decly Rodriguez.

"Without accountability mechanisms or a clear democratic path, the US risks consolidating a corrupt successor regime," the organization added. Venezuela's opposition, including Nobel Peace Prize laureate Maria Corina Machado, agreed in May to a new roadmap calling for presidential elections and political negotiations.