With the possible exception of the Iran war, there is no topic we’ve written about more in recent months than the situation in Venezuela, where the early signs of an oil-industry rebound can be seen, although plenty of unknowns remain about the country’s political and economic future. It’s only been five months since the removal of President Nicolás Maduro by U.S. forces. Whether the country once again becomes a safe place for long-term investment — especially the tens of billions of dollars needed to revitalize the industry — remains highly uncertain, but crude oil production and exports are rising, with many of those barrels finding their way to U.S. refiners. In today’s RBN blog, we look at how Venezuelan crude oil exports to the U.S. have increased since the beginning of the year, how the U.S. import slate has changed over that time, and preview our latest Drill Down Report.
In previous blogs (and our first Drill Down Report of 2026, Round and Round), we’ve gone over Venezuela’s history and extensive reserves, the type of crude it produces, and the steps it could take to boost production in the short, medium and long term. In today’s blog, we turn our focus to how things have changed this year, as exports of Venezuelan crude oil have rebounded sharply. Shipments bottomed out near 100 Mb/d in early January (see Figure 1 below) following a steep December decline, then recovered to roughly 500-550 Mb/d by late January. After holding relatively flat through February, exports climbed to around 1.1 MMb/d in March before spiking to around 1.4 MMb/d in April and have hovered around 1 MMb/d since then. As noted in our new report, the rebound reflects a mix of policy and market shifts. The Trump administration replaced sanctions with a looser framework that allows more structured sales, opening the door for new buyers. Venezuelan crude has returned to the U.S. market and Indian refiners have stepped in as key customers, taking barrels that previously moved largely to China.
Figure 1. Venezuela Crude Oil Exports. Source: Novi Labs
High Texas-Louisiana Co-Loadings Support Another Week of 5+ MMb/d Exports
Crude exports out of the Gulf Coast averaged 5.1 MMb/d (far right of chart below) for the week ended June 5. As discussed in our Crude Voyager Report, Louisiana posted its strongest week since August 2023, averaging 864 Mb/d of exports. The increase was driven by elevated activity at the Louisiana Offshore Oil Port (LOOP), which loaded its highest weekly volume since November 2024.
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About the song
“Start Me Up” was written by Mick Jagger and Keith Richards. The song appears as the first cut on side one of The Rolling Stones’ 18th American studio album, Tattoo You. Released as the album’s lead single in August 1981, it went to #2 on the Billboard Hot 100 Singles chart. The original version of the song began as a reggae number titled “Never Stop,” but evolved into a rock song, with the basic tracks recorded in January-March 1978. The final vocals and overdubs were done in April-June 1981 at Electric Lady Studios and the Hit Factory in New York City. “Start Me Up” has been the opening song for many Rolling Stones concerts and is played regularly for kick-offs at NFL games. Personnel on the record were: Mick Jagger (lead, backing vocals), Keith Richards (guitar, backing vocals), Ronnie Wood (guitar, backing vocals), Bill Wyman (bass), Charlie Watts (drums), Michael Carabello (cowbell), and Barry Sage (handclaps).
Tattoo You is an album composed of studio out-takes recorded during the 1970s. Touring obligations and in-fighting within the band made it difficult to come up with fresh material for the album. The songs were recorded between November 1972 and June 1981 and produced by The Glimmer Twins (Jagger and Richards). Tattoo You was released in August 1981 and went to #1 on the Billboard Top 200 Albums chart. It has been certified 4X Platinum by the Recording Industry Association of America. Three singles were released from the LP.
The Rolling Stones are an English rock band formed in London in 1962. Eight members have passed through the band since its formation. The band still includes founding members Mick Jagger and Keith Richards. Ronnie Woods joined them in 1974 after the departure of guitarist Mick Taylor. Brian Jones died in 1969. Bill Wyman retired from the band in 1993. Bassist Darryl Jones has toured and recorded with the band since Wyman’s departure. Charlie Watts died in 2021. Steve Jordan, who has played with Keith Richards in his X-Pensive Winos band, has played drums for the Stones since Watts’ passing. The Rolling Stones have released 32 studio albums, 39 live albums, 32 compilation albums, three EPs and 124 singles. The band has won one Billboard Music Award, 11 Grammy Awards, three MTV Video Music Awards and two World Music Awards. The Stones were inducted into the Rock and Roll Hall of Fame in 1989 and the UK Music Hall of Fame in 2004. They continue to record and released two new singles, “Rough and Twisted” and “In the Stars,” in May, ahead of the July release of their next studio album, Foreign Tongues. The clever video for “In the Stars” was directed by Francois Rousselet and utilizes AI to transform Mick, Keith and Woody into younger, 30-something versions of themselves.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
