The opportunity is particularly relevant for complex U.S. refiners equipped with cokers and advanced upgrading capacity. Venezuela’s Merey crude, produced largely from the Orinoco Belt, is a heavy sour grade that requires sophisticated processing infrastructure but can offer attractive margins when priced competitively against alternative feedstocks. With fewer readily available heavy crude sources globally, renewed Venezuelan supply could provide Gulf Coast refiners with greater flexibility in optimizing refinery operations.

Phillips 66 has already highlighted the potential scale of the opportunity. In February 2026, Chief Executive Officer Mark Lashier said the company’s Gulf Coast refineries could process up to 250,000 barrels per day of Venezuelan crude, depending on commercial conditions. The company has also tested Venezuelan barrels delivered through trading channels, reflecting growing interest among U.S. refiners in evaluating the economics and compatibility of renewed supply.

Other Gulf Coast refiners, including Valero Energy, Marathon Petroleum and PBF Energy, operate some of the most complex refining assets in the world and have historically processed heavy crude grades. For these companies, access to Venezuelan supply could complement existing crude strategies by providing another source of heavy feedstock for facilities designed around high-complexity operations.

The return of Venezuelan crude is also reshaping how companies approach supply relationships. Initial exports following the easing of restrictions were largely facilitated through international trading companies, which helped reconnect Venezuelan barrels with global markets. However, refiners and other end users are increasingly seeking more direct commercial relationships with Venezuelan producers as they look to secure longer-term supply visibility and better understand future production potential.

For U.S. companies, the opportunity extends beyond crude purchasing. Oilfield service providers, engineering firms, technology companies and downstream specialists can contribute expertise across areas such as refinery optimization, equipment supply, digital monitoring, maintenance and operational efficiency. Houston’s deep concentration of energy companies, technical providers and financial institutions places the city at the center of potential future partnerships supporting Venezuela’s energy sector recovery.

These opportunities will be a central focus of Venezuela Energy Week’s Houston Industry Showcase, taking place on 19 August. Officially supported by Venezuela’s Ministry of Hydrocarbons and national oil company PDVSA, the event will convene U.S. refiners, exploration companies, service providers, investors and technology firms to examine commercial pathways across Venezuela’s energy value chain.

As global refiners compete for reliable heavy crude supplies and Venezuela works to rebuild its production base, Houston is emerging as a key meeting point for the companies, technologies and partnerships needed to support the next phase of Venezuela’s energy sector development.

To register for the Houston Industry Showcase on August 19, visit https://www.venezuelaenergyweek.com/rsvp-houston. To learn more about delegate, sponsorship and partnership opportunities for the showcase or to secure your place at Venezuela Energy Week 2027 in Caracas, contact info@venezuelaenergyweek.com.

Supporting Venezuela's Earthquake Recovery

Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela.