EIA: U.S. Refiners Pivot from Middle East to Venezuela


   
Karim Bastati
DTN Analyst

   VIENNA (DTN) -- Imports of Venezuelan crude clocked in at the fastest pace 
in seven and a half years last week as refiners were sourcing replacements for 
shut-in flows from the Persian Gulf, U.S. Energy Information Administration 
data revealed Wednesday (5/20).

   Based on preliminary data, the EIA estimated that 713,000 bpd of Venezuelan 
crude oil arrived in the U.S. in the week ending May 15, marking the fastest 
weekly pace since September 2018. Over the past four weeks, they averaged more 
than 500,000 bpd, the most since early 2019.

   Oil flows from Venezuela to the U.S. have rebounded this year following a 
U.S.-led regime change in January. Crude exports from the country were mostly 
heading to China before the capture of Maduro, with deliveries to the U.S. 
averaging around 100,000 bpd. Over the past month, however, more than half of 
the country's oil exports were redirected to U.S. shores.

   Access to the stream of high-density, sulfur rich oil in close proximity 
came just in time to feather the impacts of the largest oil supply disruption 
in history. U.S. refiners' dependence on Middle Eastern crude oil has been 
waning for more than a decade, but some, particularly in California, still 
relied on the region as a source of medium and heavy sour grades.

   Imports from Saudi Arabia and Iraq, meanwhile, have moved in the opposite 
direction. Intake of Saudi crude has collapsed under 200,000 bpd, and imports 
of Iraqi oil have clocked in below the 100,000-bpd mark in three out of the 
last four weeks. In February, the last month with available EIA data, they 
averaged 496,000 bpd and 254,000 bpd, respectively.




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