Cyprus Times

US Oil Production vs. Venezuelan Oil: Why the Need for Imports?

Published January 8, 2026, 17:09
US Oil Production vs. Venezuelan Oil: Why the Need for Imports?

Despite unprecedented oil production in the US, the country still desires imports from Venezuela. This is because American refineries have been designed for decades to process heavier crude oil, which is not produced in sufficient quantities domestically. Approximately 70% of US refining capacity operates more efficiently with heavier oil, primarily sourced from Canada, Mexico, and Venezuela. Venezuelan oil production has declined significantly in recent years, increasing reliance on Canada. Overall, 40% of the oil processed in the US is imported to achieve the right blend of crude oils for producing various products. The US, having lifted the ban on oil exports, has become one of the world's largest exporters.