President Donald Trump announced Monday that the U.S. will impose a 25% tariff on nations purchasing Venezuelan oil and gas, a move aimed at ramping up pressure on both Venezuelan President Nicolás Maduro and China.
In a post on his social media platform, Truth Social, Trump stated that countries engaging in energy trade with Venezuela would face tariffs on their U.S. transactions. These measures are set to take effect on April 2.
According to data from Kpler, Venezuela exported approximately 660,000 barrels per day in 2024, with China as its largest buyer, purchasing 270,000 bpd last year.
“We expect oil prices to rise further if Trump follows through with this proclamation,” Leo Mariani, an analyst at Roth, advised clients in a note.
The U.S. ranked as the second-largest buyer of Venezuelan crude in 2024, importing around 233,000 bpd, while India and Spain purchased 61,000 bpd and 60,000 bpd, respectively, according to Kpler.
Since taking office, Trump has intensified pressure on the Maduro regime. Announcing the new tariffs, he accused Venezuela of sending members of the Tren de Aragua gang into the U.S. The administration has designated the group as a foreign terrorist organization.
In late February, Trump pledged to roll back a Biden-era decision allowing Chevron to resume oil production in Venezuela. The Treasury Department had granted the oil giant until April 3 to wind down its operations in the country.
However, sources familiar with the matter told The Wall Street Journal that Trump appeared open to extending Chevron’s license during a White House meeting last week with CEO Mike Wirth and other fossil fuel industry executives. The tariffs, they noted, aim to weaken China’s influence over Venezuela’s oil sector while strengthening Chevron’s position and ensuring continued oil shipments to the U.S.
On March 15, Trump invoked the 1798 Alien Enemies Act, citing what he described as an invasion by Tren de Aragua, claiming its members are waging “irregular warfare” against the U.S. under Maduro’s direction.
