Re: Russia spent billions to build influence in Venezuela. Now it faces a bet gone bad.From: email@example.com
Jan 25 2019 15:36:22
On Fri, 25 Jan 2019 07:00:34 +0300 (EAT), RS Wood
HOW DEPENDENT IS THE U.S. ON VENEZUELAN OIL IMPORTS?
Venezuelan oil exports to the U.S. have declined steadily over the
years, falling particularly sharply over the past decade as its
production plummeted amid its long economic and political crisis. The
U.S. imported less than 500,000 barrels a day of Venezuelan crude and
petroleum products in 2017, down from more than 1.2 million barrels a
day in 2008, according to the Energy Information Administration.
"Venezuela production has been rapidly collapsing, so many of the
customers of Venezuela have already been adapting to that decline in
supply, including in the U.S.," said Francisco Monaldi, fellow in
Latin American energy policy at Rice Universitys Baker Institute.
But Venezuela has consistently been the third- or fourth-largest
supplier of crude oil to the United States, and any disruption of
imports would be costly.
In fact, Gulf Coast imports of Venezuelan crude oil jumped last
summer, in part because of the tightening heavy-crude market,
according to an S&P Global Platts report that cited U.S. Customs data.
Still, the long-term trend is a declining dependence on Venezuelan
oil. East Coast refineries have not imported Venezuelan crude since
2017, according the S&P report.
The U.S. government could lessen the blow by phasing in restrictions
on Venezuelan oil imports in a way that mirrors the trend U.S.
refineries have already long been adjusting to, said John Auers,
executive vice president of the refining consultancy Turner, Mason &
In 2017, the most recent year that data was available, Venezuela
accounted for about 6 percent of U.S. crude imports.