Venezuelan Crude Oil Import Surge Reshapes US Supply Mix

Ships pass terminals in Freeport, Texas. (Mark Felix/Bloomberg)

March 18, 2026 3:50 PM, EDT

Key Takeaways:

• U.S. fuel makers sharply increased imports of Venezuelan heavy crude in mid-March, reaching the highest level since 2024.
• The rise reflects a reshuffling of global oil flows due to the Iran war as U.S. refiners seek discounted heavy crude and exports climb to nearly 5 million barrels a day.
• Despite higher inventories, rising Gulf Coast activity has not curbed fuel price spikes, with gasoline nearing $4 a gallon and diesel topping $5.

U.S. fuel makers are boosting purchases of crude from Venezuela to the highest in more than a year, making good on the Trump administration’s goal of taking more crude from the country as the Iran war reshuffles global oil flows.

Imports of Venezuelan heavy crude doubled in the week leading up to March 13, reaching the highest since late 2024, according to U.S. government data released March 18. Oil shipments from Venezuela, Mexico, Brazil, Colombia and Ecuador rose by more than a million barrels a day collectively over the same period. Additionally, Saudi Arabian imports rose by almost 200,000 barrels daily but were offset by Iraqi imports that fell by the same amount. 

The surge in Venezuelan shipments, part of an economic revival in the country the Trump administration has been touting, underscores a reshuffling of global oil markets due to the Iran war, with both U.S. imports and exports rising sharply rather than slowing. Chevron Corp. was cleared by the U.S. to restart pumping oil in Venezuela in July. Shipments from the country doubled in February under U.S. oversight. 

U.S. refiners have long relied on discounted barrels of heavy crude, sourced from across the globe, to supply their plants that are uniquely designed to turn the sludgy grades into fuel. Still, the U.S. is continuing to export its plentiful supplies of light shale oil.

U.S. crude exports have also climbed as Asian buyers and other foreign refiners turn more to American barrels to replace Middle Eastern supplies. The U.S. exported almost 5 million barrels of oil each day last week, the most since September 2025.

(Bloomberg)

While global oil flows have been upended, the U.S. is somewhat insulated from sharper disruptions because of rising domestic inventories. Government data showed crude stockpiles climbed for the fourth straight week, providing a buffer from supply shocks.  

To be sure, oil flowing in and out of the Gulf Coast — home to the majority of U.S. refining capacity — is doing little to curtail spikes in the prices of gasoline and diesel, a cost that affects the market and consumers. Retail gasoline prices nationwide are averaging almost $4 a gallon, the highest level since September 2023, and diesel has surpassed a $5 average, the highest since December 2022.