President Trump announced through executive action on March 24th a new potential tariff on imports into the United States from any country which directly or indirectly imports Venezuelan oil products (i.e. crude oil or petroleum products extracted, refined, or exported from Venezuela, regardless of the nationality of the entity involved in the production or sale). The new 25% tariff would apply in addition to existing tariffs and may take effect as early as April 2.
Under the executive order, the Secretary of Commerce will determine if a country has imported the targeted products, and the Secretary of State will have the power to enforce the new tariff if deemed appropriate. Currently, the United States is the second largest buyer of Venezuelan oil. Other countries include:
China: Historically has purchased over 50% of Venezuelan oil output, and currently purchases approximately 503,000 barrels per day (bpd).
United States: Imports averaged around 222,000 bpd in 2024, though this may decrease after April 2025 due to expiring U.S. licenses and potential tariff policies.
India: Imported roughly 125,000 bpd in early 2025
Spain: Imported about 75,000 bpd in 2024
Cuba: Imported around 32,000 bpd in 2024
Brazil: Imported an estimated at 8-10% of Venezuela's total exports in recent years
Turkey: Imported about 13-14% of Venezuela’s exports in 2023
Countries such as Italy, Russia, Singapore, and Vietnam also import Venezuelan oil, though in less significant amounts.
O.T.S. will continue to monitor this fluid situation and provide updates as they become available. Please do not hesitate to reach out to your O.T.S. Sales Representative for more information.