- President Donald Trump said countries that purchase oil and gas from Venezuela will face a 25% tariff on the trade those nations have with the U.S. starting April 2.
- China was the largest destination for Venezuelan crude last year, followed by the U.S., India and Spain.
- The Treasury Department also extended Chevron’s license to produce oil in Venezuela until May 27.
President Donald Trump said Monday that the U.S. will impose 25% tariffs on countries that buy oil and gas from Venezuela, as he seeks to increase pressure on President Nicolas Maduro and China.
Countries that buy oil and gas from Venezuela will face tariffs on any trade they have with the U.S., Trump said in a post on his social media platform Truth Social. The tariffs take effect on April 2, the president said.
Venezuela exported about 660,000 barrels per day in 2024, according to data from Kpler. China was the largest destination for the South American nation’s crude exports, purchasing 270,000 bpd last year.
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