India and China no longer buying crude from Venezuela after Trump’s threats
MercoPress
MONTEVIDEO
EnergiesNet.com 04 01 2025
The United States imposing a 25% tariff on countries importing oil and gas from Venezuela starting next month has already taken its toll on Caracas’ coffers as India and China —accounting for over 50% of its crude exports— have halted purchases. China, which imported 351,000 barrels per day (bpd) last year, and India, with 254,000 bpd in January, are stepping back, with companies like India’s Reliance Industries planning to stop imports.
The measure announced via US President Donald Trump’s Truth Social network seeks to pressure the Bolivarian regime of Nicolás Maduro, who is believed to have stayed in power through electoral fraud. “Venezuela has shown great hostility towards the United States and the Freedoms we defend. Therefore, any Country that buys Oil and/or Gas from Venezuela must pay a 25% Tariff to the United States on any Trade it conducts with our Country,” Trump posted.
An Executive Order authorizes Secretary of State Marco Rubio “to determine at his discretion whether the 25% tariff will be imposed on goods from any country that imports Venezuelan oil, directly or indirectly, beginning April 2, 2025,″ it was explained. Washington also extended until May 27 a deadline for Chevron to wind down operations in Venezuela. This includes exports of Venezuelan crude to the US.
Venezuela’s oil exports, already at 910,000 bpd last month, face further strain as loading at key ports like Jose and Bajo Grande has slowed, with tankers waiting and Chevron reducing its fleet ahead of a May 27 deadline to wind down US operations.
China has criticized the tariffs but opted for caution, while Venezuela calls US sanctions an economic war. The policy has disrupted global oil trade, leaving Venezuela’s regime with a projected sharp revenue drop.
”The United States will not tolerate any third country or its oil companies producing, extracting or exporting oil and oil-related products with the Maduro regime in Venezuela,“ Rubio, who is on a Caribbean tour seeking ways to make the region less dependent on Caracas’ oil, pointed out.
”This is a regime that has systematically stolen from elections, plundered its people, and collaborated with our enemies. Any country that allows its companies to produce, extract or export from Venezuela will be subject to new tariffs, and any company will be subject to sanctions,” the Secretary of State also mentioned.
According to vessel monitoring tracking services, crude loading operations are slowing down in Venezuelan ports.
mercopress.com 03 31 2025
