ByIrina Slav– Apr 02, 2025, 3:00 AM CDT
The latest sanction action of the United States against Venezuela sent the latter’s oil exports down 11.5% in March from the previous month, tanker tracking data reported by Reuters has revealed.
Last month, President Trump refused to extend a sanction waiver for Chevron so it could continue to operate in Venezuela, and he also threatened a 25% additional tariff on foreign products sold to the U.S. by countries that continue buying Venezuelan crude. Apparently, the effect of these moves has been immediate, hitting Venezuela’s oil exports.
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The data shows that last month, a total of 42 tankers left Venezuela’s shores, with the total daily volume of exports at a little over 800,000 barrels. The country also exported another 341,000 barrels daily of byproducts and petrochemicals, Reuters also reported, citing shipping data and PDVSA documents.
The rate of oil exports remains higher than the average for 2024. Last year, Venezuela’s exports averaged 772,000 barrels daily. Of that, a little over 200,000 barrels were going into the United States daily, which will no longer be the case this year.
The Trump administration also revoked licenses for several companies that allowed them to operate in Venezuela. While Chevron is perhaps the most prominent example, European companies have also been affected.
The Biden administration had issued special licenses to several foreign firms, allowing them to import Venezuelan oil from joint ventures operated by companies including France-based Maurel & Prom, Italy’s Eni, and Spanish Repsol. Now, the U.S. Treasury is revoking these licenses as part of a plan to strip Venezuela of oil profits.
President Trump’s motivation for the renewed sanction push against Caracas comes from what he sees as insufficient electoral reform and failure to manage the return of migrants from the United States “at the rapid pace that they had agreed to,” the president said in late February.
By Irina Slav for Oilprice.com
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