Tariff Impact: Venezuela’s Crude Oil and Fuel Exports Dropped in March

SEATTLE (Oil Monster): Venezuelan fuel and crude oil exports have been impacted by the most recent tariff limitations established by the Trump administration. In March of this year, exports saw a steep 11.5% decrease. Shipments from that nation have been severely damaged by the secondary tariffs and license cancellations.

This week marks the implementation of the U.S. administration's 25% tariff on Venezuelan gas and petroleum supplies, which was put in place last week. Furthermore, the U.S. had removed authorizations that permitted foreign partners of the state-run PDVSA to carry on with their operations and exports, and they had been given until May 27, 2025, to cease their operations in the nation.

Regular purchasers of Venezuelan oil in China and India have reportedly canceled shipments that were supposed to arrive in late March and early April. Shipping tracking data indicates that in March of this year, vessel volumes decreased by over 8% on an annual basis. According to the report, export levels reached their lowest points since December 2024. Venezuelan officials, however, disputed the data, asserting that exports had increased in March 2025.

With 483,700 barrels per day, China was the biggest purchaser of Venezuela's crude oil. The U.S. (210,700 bpd), India (60,160 bpd), and Cuba (50,130 bpd) came next. In the meantime, throughout the past month, no crude was shipped to Europe.