Most of the state's 15 crude oil refineries were built specifically to process the heavy sour crude that comes from Venezuela and turn into products like diesel, fuel oil and asphalt.

While any investment by US companies in rejuvenating Venezuelan oil production could take time, Gulf Coast refiners are well positioned to hoover up crude shipments as soon as sanctions are eased and more import permits are granted, something analysts say could happen quickly.

B.C. Premier David Eby wants Canada to prioritize building refineries, arguing it would keep more value at home, reduce reliance on U.S. buyers, and cut exposure to global supply disruption

US President Donald Trump says now that Nicolas Maduro is gone, more US oil companies will enter Venezuela and spend billions revitalizing its oil industry. Several key questions have to be answered.

“This expansion reflects our confidence in Nigeria's future, our belief in Africa's potential, and our commitment to building energy independence for our continent and the world,” Aliko Dangote said at an October briefing.

PBF Energy is planning turnaround work at nearly all of its refineries this year and expects plant outages in the first, second and fourth quarters. The company's 2026 guidance released on Friday calls for 40-45 days of work in the first quarter at its 166,