Venezuela Supplies Crude Oil to US, Targeting Citgo and ExxonMobil
- Reports
- 2
- Developments
- 1
- Repetition
- 50%
New informationRepeats or wire copies
What happened
Venezuela began supplying crude oil to the United States on October 29, 2026, with shipments reportedly destined for Citgo. The initial shipment included one million barrels of Venezuelan oil, which the administration stated would be sold to companies including ExxonMobil and Citgo. The oil is classified as heavy crude.
From wowo.com
Why it matters
Congressman Marlin Stutzman noted that increased energy production and expanded oil-refining capacity could help lower fuel prices. However, Stutzman also pointed out that the United States needs additional refining capacity to process the crude oil efficiently, noting that the country has not built a new refinery of significant capacity since 1977.
From wowo.com
Who's involved
- VenezuelaThe country supplying the crude oil to the United States.
- CitgoAn oil company and gasoline retailer set to receive the Venezuelan crude.
- ExxonMobilAn American multinational oil and gas corporation set to receive the Venezuelan crude.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- CitgoSpeculative
Citgo might see increased operational capacity and revenue potential from the new supply of Venezuelan crude.
- ExxonMobilSpeculative
ExxonMobil could gain potential access to Venezuelan crude oil feedstock and market opportunities.
- VenezuelaSpeculative
Venezuela might see an impact on national revenue from the new crude oil supply agreement to the US market.
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The entities involved
Related events
- The US, Venezuela, and Greenland are involved in a strategic oil partnership, with Trump claiming the US is the largest supplier.
- Expanding crude output via private deals in Venezuela.
- The Trump administration is nearing a deal to secure access to Venezuelan crude oil, with Halliburton involved in services discussions.
- Geopolitical tensions, including US/Iran fighting and Venezuelan expansion, are affecting crude supply and driving up Brent price forecasts from Goldman Sachs.
- Trump administration applies sanctions and tariffs against Cuba. Oil shipments from Venezuela are targeted by new executive orders.