China Leads Buyers of Venezuela’s Oil

What We’re Showing

This graphic shows where Venezuela’s crude oil exports went in 2023, highlighting how heavily the country depends on a small number of buyers. Based on data from the U.S. Energy Information Administration (EIA), the chart breaks down the share of Venezuela’s total crude exports by destination. It reveals China’s dominant position as Venezuela’s largest oil customer, alongside a notable but smaller share going to the United States. Other countries account for only a marginal portion of exports, underscoring the concentration of Venezuela’s oil trade.

Key Takeaways

• China is Venezuela’s biggest oil buyer, accounting for 68% of the country’s crude oil exports in 2023. This reflects Beijing’s growing role in supporting Venezuela’s oil sector amid global sanctions and trade restrictions.

• The United States remains the second-largest destination, importing 23% of Venezuela’s crude. Despite political tensions, U.S. refineries continue to rely on Venezuelan heavy crude.

• Cuba and Spain each account for 4% of exports, indicating limited but steady trade relationships beyond the two main buyers.

• All other countries combined make up just 1% of exports, showing how narrowly concentrated Venezuela’s oil export market has become.