Since the US military operation that ousted Nicolás Maduro on January 3, 2026, Washington has expanded its involvement in Venezuela’s oil industry, securing greater access to crude supplies previously dominated by China.
Russia has also lost part of its petroleum supply business to American companies, while a separate agreement in August transferred several previously Chinese- and Russian-operated oilfields to a US-backed company.
China loses Venezuelan oil shipments as Russia’s petroleum trade shrinks
China was previously Venezuela’s biggest oil customer, receiving an average of 642,000 barrels per day of crude and fuel oil in 2025, accounting for 75% of the country’s total daily exports of 847,000 barrels.
However, the US Energy Information Administration (EIA) reported on November 6, 2026, that Venezuela had exported no crude oil to China during the year, with the United States replacing Beijing as its largest customer.
American imports of Venezuelan crude reached 701,000 barrels per day in July, their highest level since May 2017, before easing to 655,000 barrels per day in August.
More recent shipping data showed that Venezuela exported 1.08 million barrels per day of oil and petroleum products in October, with shipments to the US averaging 449,000 barrels daily, down nearly 29% from September.
Russia has faced a similar shift, although its involvement centred more on petroleum supplies and oilfield investments than crude purchases.
Moscow previously supplied about 100,000 metric tonnes of naphtha monthly, a product used to dilute Venezuela’s heavy crude for transportation, before American suppliers took over much of that business in January 2026.
The shift also affected oilfield operations in August, when North American Blue Energy Partners, controlled by Venezuelan billionaire Alejandro Betancourt, secured rights to operate 17 oilfields, including five previously run by Chinese companies and one by a Russian firm.
Trump described the agreement as “the biggest oil deal in world history”.
US takes charge of over $12 billion in Venezuelan oil revenues
Beyond securing access to Venezuela’s oilfields, Washington has also assumed control over how the country’s natural resource revenues are distributed.
A State Department report released on November 12 showed that the US handled $12.26 billion from Venezuelan crude oil, petroleum products, natural gas, gold, minerals and fertilisers between January and September 2026.
Nearly 99%, or $12.11 billion, was disbursed to Venezuela, although its interim government must seek Washington’s approval before accessing the funds.
Most of the money went through foreign exchange operations involving Venezuelan banks, while $133 million was paid directly to government suppliers and another $168.6 million remained in US custody as of September 30.
The report stressed that the revenues remain Venezuela’s sovereign property, but US Secretary of State Marco Rubio retains authority over their release.
Dangote refinery absorbs more Nigerian crude as US purchases fall
While Washington tightens its grip on Venezuela’s oil industry, its appetite for Nigerian crude has fallen sharply as billionaire Aliko Dangote’s refinery challenges Western refiners’ longstanding dominance of Nigeria’s oil trade.
Nigeria has long supplied US refiners with high-quality, low-sulphur crude, including Bonny Light and Qua Iboe, prized for producing petrol, diesel and aviation fuel.
According to US Census Bureau figures cited by BusinessDay, American imports of Nigerian crude fell 57.8% to 14.01 million barrels between January and August 2026, down from 33.23 million barrels a year earlier.
More recent EIA data showed a 91% decline in weekly imports, from 136,000 barrels per day in the corresponding week of 2025 to 12,000 in the week ending November 6, 2026.
At home, Dangote’s refinery secured at least 16 million barrels of Nigerian crude in October, equivalent to 520,000 barrels per day. Total deliveries reached a record 735,000 barrels daily, with local grades accounting for 80%, according to Argus data.
Nigeria’s refined petroleum exports have also increased, with seaborne shipments rising from 46,000 barrels per day in 2023 to 350,000 in the second quarter of 2026, according to the EIA.
The shift leaves American refiners competing with Dangote’s refinery for Nigerian crude, as the country moves away from exporting raw oil for processing abroad towards refining more of it locally and selling finished petroleum products overseas.
Source: africa.businessinsider.com
