U.S. Oil Imports From Venezuela Just Exploded to a 9-Year High and Chevron Could Be the Biggest Winner

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\\- CVX plans to invest $7 billion in Venezuela over five years, targeting production above 600,000 barrels per day at costs below $20 per barrel.

\\- U.S. Venezuelan crude imports surged 237% over six months to 782,000 barrels per day, the highest weekly level since 2017.

\\- President Trump plans to use Venezuelan oil to refill the Strategic Petroleum Reserve, adding government demand to Chevron's growing upstream position.

U.S. imports of Venezuelan crude jumped by 183,000 barrels per day in the week ended Sept. 11, reaching 782,000 barrels per day, according to the U.S. Energy Information Administration. That was the highest weekly total since August 2017.

The bigger trend is even more striking. Over the past six months, Venezuelan imports have increased by 550,000 barrels per day, or 237%, while the three-month average reached 626,000 barrels per day.

That is a long way from Venezuela’s historical peak, when U.S. imports reached roughly 1.5 million barrels per day in 1997 and routinely exceeded 1 million barrels per day between 1995 and 2007. Still, the direction is unmistakable: American refiners are consuming more Venezuelan oil again.

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