U.S. adds Pressure on China, places Embargo on Venezuelan Oil
President Donald Trump declared that he would impose 25 percent tariffs on nations that purchase gas and oil from Venezuela to put more pressure on China and President Nicolas Maduro.
The United States will impose tariffs on any trade with nations that purchase gas and oil from Venezuela.
The president stated tariffs would go into effect on April 2. Kpler data showed Venezuela exported roughly 660,000 barrels per day in 2024
China is the biggest buyer, it purchased 270,000 barrels per day of the South American country’s crude last year.
According to Kpler, the United States imported roughly 233,000 barrels per day of Venezuelan crude last year, making it the second-largest destination.
Spain bought almost 60,000 bpd, and India bought roughly 61,000 bpd in 2024. Trump has worked to put more pressure on the Maduro government.
He accused Venezuela of sending members of the Tren de Aragua gang to the United States When the president announced the tariffs on Monday
The gang has been classified as a foreign terrorist organization by the Trump administration. Late in February, Trump declared he would overturn a Biden administration ruling that permitted Chevron to resume oil production in Venezuela.
The oil major was given until April 3 by the Treasury Department to conclude its activities in Venezuela.
However, during a meeting with Mike Wirth, the CEO of the oil major, and other executives from the fossil fuel industry, Trump indicated that he was amenable to extending Chevron’s license to produce oil in Venezuela, according to people familiar with the talks who spoke to The Wall Street Journal.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals