Venezuela continues to gain ground in the US crude oil market

Venezuela continues to gain ground in the US crude oil market, and for the third consecutive month, the country has managed to maintain sixth place in the export ranking, with a volume of 224,000 barrels per day, according to the latest data from the US Energy Information Administration (EIA).

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This figure represents a 17% year-on-year increase compared to the same month in 2023 when it reached 185,000 barrels per day (bpd).

US crude oil imports from Venezuela (thousands of barrels per day). Source: EIA.

The milestone not only confirms the recovery of Venezuelan oil production, but also its ability to meet the demand of the North American market, which was the largest consumer of oil in 2023.

So far, the average shipments in the first five months of 2024 for Venezuela has been 180.800 bpdIn retrospect, this represents a 41% increase from the previous year, when crude shipments during the first five months of the year averaged 106,400 bpd.

The top three of the ranking

Canada remains unchallenged in first place, exporting 4,212,000 bpd to the US in May, and is likely to continue consolidating its lead over the years with the opening of the Trans Mountain pipeline.

Saudi Arabia retains third place. In May, the kingdom exported an average of 360,000 bpd. According to EIA data, this figure reflects a year-on-year increase of nearly 16%.

Brazil and Guyana

Venezuela’s undisputed driving force is oil, but so far it has been a difficult task to climb beyond 6th place, with neighbours like Colombia and Brazil not giving Venezuela any fresh air.

Although experts say Colombia will face challenges in the coming years with its crude oil production, for the moment it occupies fifth place, with 242,000 bpd exported to the US in May.

Neighboring Brazil, one of the newer players in the oil market along with Guyana, ranks fourth, exporting 253,000 bpd to the United States. It is possible that over the years, if it continues its trend, it will challenge Saudi Arabia for third place.

The weight of OPEC in the US

The latest EIA figures also reveal the importance of the Organization of the Petroleum Exporting Countries (OPEC) in U.S. crude consumption; in May, OPEC shipments averaged 1,131,000 bpd, while non-OPEC shipments averaged 5,925,000 bpd.

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