President Donald Trump said Monday that the U.S. will impose 25% tariffs on countries that buy oil and gas from Venezuela, as he seeks to increase pressure on President Nicolas Maduro and China.
Countries that buy oil and gas from Venezuela will face tariffs on any trade they have with the U.S., Trump said in a post on his social media platform Truth Social. The tariffs take effect on April 2, the president said.
Venezuela exported about 660,000 barrels per day in 2024, according to data from Kpler. China was the largest destination for the South American nation’s crude exports, purchasing 270,000 bpd last year.
“This announcement by the Trump administration appears to be one more action targeting China,” Matt Smith, an oil analyst at Kpler, told CNBC.
U.S. crude oil rose 71 cents, or 1.04%, to $68.99 per barrel by 11:36 am ET. Global benchmark Brent was up 67 cents, or .93%, at $72.83 per barrel.
“We expect oil prices to go higher in light of this news and may rise further if Trump follows through with this proclamation,” analyst Leo Mariani at Roth told clients in a note.
The U.S. was the second-largest destination for Venezuelan crude last year, importing about 233,000 bpd, according to Kpler. India purchased about 61,000 bpd and Spain bought nearly 60,000 bpd in 2024.
Trump has sought to increase pressure on the Maduro regime since taking office. The president accused Venezuela of sending Tren de Aragua gang members to the U.S. when announcing the tariffs on Monday. The Trump administration has designated the gang as a foreign terrorist organization.
