Venezuela Strike Affects U.S. Oil Imports

Venezuela's Citgo and U.S. major ConocoPhillips are the two companies to be hardest hit by supply disruptions from the general strike in Venezuela. According to the U.S. Department of Energy, over the first nine months of this year around 55 percent of Venezuelan oil sales to the United States were taken by Venezuelan-owned or affiliated companies operating in the U.S.

The biggest importer of Venezuelan oil was Citgo which is the international downstream division of PDVSA. Citgo this year has supplied around 40 percent of its 860,000 bpd U.S. refining capacity with Venezuelan crude. Citgo has said there have been no disruptions to its refinery operations and that the company would buy on the international spot market to make up for any shortfall from Venezuela. U.S. major ConocoPhillips will have to make the biggest adjustment, having taken over 230,000 bpd of Venezuelan crude so far this year. Other U.S. majors receiving significant amounts of Venezuelan crude so far this year were ExxonMobil, Valero and Murphy Oil.

Venezuela provides over 13 percent of the crude and products imported by the United States every day and has recently ranked fourth behind Saudi Arabia, Canada and Mexico among top U.S. crude suppliers.


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