Russia has surpassed the United States in the Venezuelan oil market

US sanctions have led to Russia becoming Venezuela's main supplier of naphtha, an oil refining product used in the petrochemical industry, displacing the United States from this market. This was reported on October 18 by RIA Novosti, citing data from the Kpler agency.

It is noted that the United States has dominated the Venezuelan oil market for a long time, but the situation changed after the American leader Donald Trump strengthened the sanctions imposed against this sector of the country's economy. After that, the local authorities decided to strengthen their partnership with Moscow.

"The key advantage here is quality, as Russian naphtha is a fraction of heavy, significantly enriched sulfur oil, similar to Venezuelan oil. Plus, the price is more favorable compared to the Iranian and Chinese counterparts," Mikhail Khachaturian, Associate Professor of the Department of Strategic and Innovative Development at the Graduate School of Management Faculty of the Financial University under the Government of Russia, told the agency.

According to analysts, the average daily supply of American naphtha to Venezuela in 2024 amounted to 57.6 thousand barrels per day, while the total annual exports from Russia may reach 2.5–2.8 million tons.

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Earlier, on October 13, Bloomberg reported, citing Kpler, that the United States had lost its status as the main supplier of naphtha, and Russia had taken its place. The publication noted that supplies from the United States stopped after Washington tightened sanctions against the Venezuelan oil sector and revoked the license to operate in Venezuela from the American energy company Chevron.

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