Either way, it’s not clear that there is need out there for more barrels from South America. With electric vehicles now comprising more than half of China’s auto sales, gasoline inventories at the teapots are at their highest seasonal levels in more than two decades. Unlike the US refineries on the coast of Louisiana and Texas best-suited to processing Venezuelan crude, which have been operating at close to 100% capacity in recent months, the teapots have been running below 50% for most of the past year. India is likely the only other place with the ability and space to process more heavy crude.