U.S. Tariffs on Venezuelan Oil Disrupt Global Trade and Raise Prices

The 25% tariff on countries importing Venezuelan oil, effective April 2, has slowed exports, particularly to China, while increasing demand for Russian crude.

• The U.S. has imposed a 25% tariff on countries buying Venezuelan oil, set to take effect on April 2, as part of efforts to pressure Venezuela's government.
• Venezuelan oil exports, particularly to China, have slowed significantly as buyers await clarity on the tariff's enforcement mechanisms.
• Global oil prices have risen to a three-week high due to concerns over tighter supply caused by the disruption of Venezuelan exports.
• Analysts predict Russia may benefit as buyers like China and India seek alternatives to Venezuelan heavy crude amid the new tariffs.
• Chevron's license to operate in Venezuela has been extended until May 27, but the company has already reduced its tanker fleet in the region.

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