Valero Energy, one of the largest oil refining companies in the United States, announced its plan to import 6.5 million barrels of Venezuelan crude oil in March 2024. This development marks a significant milestone, as it positions Valero as the largest foreign oil refiner in Venezuela following the arrest of President Nicolas Maduro earlier this year. The re-approach to Venezuelan oil comes amid the easing of U.S. sanctions and reflects changes in the geopolitical landscape affecting oil imports.

Valero was one of the first American refiners to resume Venezuelan crude oil imports after the United States negotiated a $2 billion oil supply deal with the interim government of Venezuela, signaling an important shift in U.S.-Venezuela relations. If successful in acquiring ten or more shipments next month, Valero could surpass Chevron and become the largest American company refining Venezuelan crude, highlighting the growing dependence on Venezuelan oil amidst fluctuating global oil markets.

The scale of this transaction is notable as it represents the largest volume of Venezuelan crude that Valero will handle since the U.S. first imposed sanctions on the Venezuelan oil sector in January 2019. This anticipated influx of Venezuelan oil into U.S. refineries underscores how refining companies are adapting to the current supply chain disruptions and geopolitical shifts while also factoring in economic viability in their operations.