I believe Venezuela crude is a low grade that requires different refineries than WTI. Also, we have unused capacity in the Gulf for the required refineries.
Venezuelan crude oil quality is known for being heavy and sour, meaning it's thick, dense, and has high sulfur content, requiring specialized refineries (like those on the U.S. Gulf Coast) built to process it for products like diesel, asphalt, and heavy fuel. While Venezuela has the world's largest reserves, this heavy nature makes it more challenging and expensive to extract and process compared to lighter crudes, necessitating blending with lighter naphtha for pipeline transport.