Venezuelan Oil Consistently the Cheapest Imported Crude for U.S. Buyers (2023-2025)
HOUSTON – Venezuelan crude oil consistently sold for less than barrels from other major suppliers to the United States between 2023 and may 2025, according to data analyzed by petroguía. The price advantage, ranging from 22% to 24% lower than other sources, highlights a shifting dynamic in the U.S. oil import market and potential implications for energy policy and global supply chains.
Throughout the period,venezuelan crude landed in U.S. ports at prices significantly below those of oil from Nigeria,Saudi Arabia,Mexico,and even regional competitor Canada. This price difference is occurring despite ongoing geopolitical complexities and, until recently, restrictions on Venezuelan oil exports. The trend raises questions about the future of U.S. energy sourcing as the Biden administration navigates relationships with both traditional allies and nations facing sanctions.
in 2023, the average landing price for Venezuelan crude was $67.63 per barrel, compared to $88.85 for Nigerian oil, $84.19 for Saudi Arabian oil, $72.44 for mexican oil, and $76.70 for Colombian oil. This price was near that of Canadian oil. In 2024, the average price of Venezuelan crude fell to $66.97, undercutting Canadian oil by $1 and Colombian and Saudi Arabian oil by $9. Through May 2025, even with the cessation of the General License No. 41 allowing chevron operations in Venezuela, Venezuelan crude averaged $64.46 per barrel, remaining cheaper than Colombian oil at $68 and Nigerian oil at $76.14.
