Investing.com -- Venezuela is currently exporting approximately half of its oil production to the United States, according to U.S. Energy Under Secretary Kyle Haustveit.

Speaking at an event in Houston on Tuesday, Haustveit said Venezuela's daily oil output stands at around 1.25 million barrels. Of this total, more than 500,000 barrels per day have been flowing to U.S. refineries in recent months.

"In the last couple of months, we're seeing north of 500,000 barrels of approximately half of the production coming out of Venezuela is coming to the United States to the refineries that were built specifically for that crude," Haustveit said.

The energy official noted progress in Venezuela and stated that sanctity of contracts would be respected.