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4w ago

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.

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo
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A guard walks past the Reliance Industries logo near the entrance of Dhirubhai Ambani Knowledge City in Navi Mumbai, March 15, 2024. REUTERS/Francis Mascarenhas/File Photo
An oil refinery is seen from Maracaibo, Zulia State, Venezuela on March 19, 2025.

Overview

  • 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.