Venezuela crisis
Overview
The US’ audacious capture of Venezuelan president Nicolas Maduro has brought to a head months of growing tensions between Washington and Caracas and created fresh uncertainty for oil markets over the status of Venezuelan oil trade.
For the time being, the US is continuing to enforce its “oil blockade” of tankers carrying sanctioned Venezuelan oil. But if relations between Washington and Caracas improve and sanctions are eased, the dynamics of Venezuelan oil trade could be redrawn – more Venezuelan crude could make its way to refiners on the US Gulf Coast, with implications for those smaller independent Chinese refiners which emerged as the leading buyers of discounted Venezuelan crude in 2025.
Argus will be tracking developments in Venezuela closely. Our price indexes, particularly Argus WCS crude and Argus USGC asphalt provide transparency into the value of Venezuelan oil and our up-to-minute news and analysis explains what it all means for oil and wider commodity markets.
For the time being, the US is continuing to enforce its “oil blockade” of tankers carrying sanctioned Venezuelan oil. But if relations between Washington and Caracas improve and sanctions are eased, the dynamics of Venezuelan oil trade could be redrawn – more Venezuelan crude could make its way to refiners on the US Gulf Coast, with implications for those smaller independent Chinese refiners which emerged as the leading buyers of discounted Venezuelan crude in 2025.
Argus will be tracking developments in Venezuela closely. Our price indexes, particularly Argus WCS crude and Argus USGC asphalt provide transparency into the value of Venezuelan oil and our up-to-minute news and analysis explains what it all means for oil and wider commodity markets.
Related news and analysis
Map: Primary Venezuelan oil assets
Timeline: Key Venezuela sanctions dates
