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Shipping data shows that Venezuelan oil exports have fallen by 11.5% due to US tariffs and sanctions

According to documents and ship tracking data, Venezuelan exports of crude and fuel dropped 11.5% in March due to the U.S. imposing secondary tariffs on the sector and canceling key licenses. This led to delays in shipping and suspensions of cargo.

Last week, the U.S. administration of President Donald Trump announced a 25% tariff on buyers of Venezuelan gas and crude oil, effective this week. It also notified foreign partners that the state-run PDVSA had been notified of the cancellation of the authorizations Washington granted for the company to export and operate from the OPEC nation.

The measures were taken after the suspension of an important license that allowed U.S. based Chevron, to produce oil in Venezuela. It then exported it to the United States which was last year the second biggest market for Venezuelan crude. Washington gave the companies until May 27 to cease operations and stop exports.

China and India are regular buyers of Venezuelan crude oil

Cargoes to be loaded in late March or April following the announcements.

According to data and PDVSA internal documents, 42 vessels left Venezuelan waters during March, carrying an average of 804,677 barrels of crude oil and fuel per day, as well as 341,000 metric tonnes of petroleum byproducts and chemicals.

The average exports for March were 7.8% lower than the same month in 2024, and the lowest since December.

(source: Reuters)