Venezuela Grapples with Crude Export Setbacks Amid U.S. Tariffs

Venezuelan crude oil and fuel exports declined by 11.5% in March due to U.S. secondary tariffs and license cancellations in the energy sector. Key markets like China, India, and Europe have been affected, while Venezuela seeks alternative export routes amidst heightened pressures from the Trump administration's trade measures.

In March, Venezuela witnessed an 11.5% drop in crude oil and fuel exports as a result of new U.S. tariffs and the revocation of critical operational licenses. The U.S. administration under President Trump has levied a 25% tariff on countries purchasing Venezuelan oil, impacting exports significantly, as per ship tracking data and internal documents.

The U.S. sanctions, including the withdrawal of Chevron's key license, were exacerbated by warnings that partner companies must cease operations by May 27. Regular customers from China and India have also postponed their orders, resulting in a lower than expected export volume of 804,677 barrels per day in March.

In the face of these challenges, Venezuela is aiming to diversify its market outlets, potentially through Asian intermediaries and offshore transshipments, as it contends with sanctions it decries as an 'economic war'. Despite official claims of rising exports, substantial evidence remains elusive.

(With inputs from agencies.)