Venezuelan crude imports into US refineries fell by 33.2pc in the last four weeks
US crude imports from Venezuela averaged 503,000 b/d over the last four weeks compared to 753,000 b/d over the same period last year, US Energy Information Administration (EIA) data shows. For the week ending 24 November, Venezuela exported 339,000 b/d to the US compared to 713,000 b/d in the same period of 2016.
Venezuelan crude volumes to key customers in China have also fallen, by 36,000 b/d or 14.9pc, to 207,000 b/d in October, compared to 243,000 b/d in the same period last year.
Lower Venezuelan crude production contributed to the large declines, as the country's output hit at least a two-year low in October amid US financial sanctions that are restricting the country's ability to fund operations and restructure debt.
Much of Venezuela's oil production goes to meet debt obligations with China and Russia, making the US one of the few crude export destinations that generates cash flow.