In first, US Gulf Coast refiners import more crude from Canada than Venezuela: EIA

US Gulf Coast refiners in January imported more crude oil from Canada than from Venezuela, a historic first, the US Energy Information Administration said. Gulf Coast refiners imported an average of 448,000 b/d of Canadian crude in January, compared with 438,000 b/d from Venezuela, the EIA said in its Petroleum Supply Monthly report. Five years ago, US Gulf Coast refiners were importing over 1 million b/d of Venezuelan crude and only 90,000 b/d of Canadian crude. But that gap has been steadily closing, a shift accelerated by Venezuela’s economic collapse and declining production. The Trump administration has weighed sanctions on Venezuela’s oil sector, but has held off due partly due to the impact sanctions may have on US refiners. More…