The US refinery now processing Venezuelan oil

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📈 Economy & Business

The US refinery now processing Venezuelan oil 07.04.2026

BBC

The Minerva Gloria, a 820ft ship, is currently docked in the Mississippi Sound, unloading 400,000 barrels of Venezuelan crude oil at Chevron's Pascagoula refinery. This marks a significant shift, as US sanctions previously prohibited such imports. Following a surprise raid in January that captured Venezuelan President Nicholas Maduro, oil exports from Venezuela have resumed, surpassing one million barrels per day in March. Chevron, the only major US oil company operating in Venezuela, is importing this heavy, sulfur-rich crude, which is ideal for their refinery's design and can be processed into diesel, gasoline, and jet fuel. Chevron aims to increase its daily import of Venezuelan crude from 250,000 barrels to potentially 400,000 barrels, a move they believe will eventually lead to lower gasoline prices for US consumers, despite current global market fluctuations and the impact of the Iran conflict.

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