Sorta. There's different makeups for oil (light vs heavy, sulfer content, etc) with refineries being tuned towards a particular type. Retooling for a different type isn't necessarily economical so it depends on the types of oil being discussed.

It's not as fungible as you would hope. Funging refineries and transport capacity takes time.

I read on HN actually about different types of crude. Needing different refineries. Hence Venezuelan oil being atttactive.

Certain kinds of crude gets refined in certain refineries. The economic shockwaves are going to be felt in ways no one expects. We will see!