Venezuela's oil exports fall 11.5% over US tariffs and sanctions, shipping data say: Reuters
- Venezuela's exports of crude oil and fuel fell 11.5% in March as US secondary tariffs and the cancellation of key licenses to operate in the energy sector led to delays and cargo suspensions, according to ship tracking data and documents.
- President Trump announced a 25% tariff on buyers of Venezuelan crude and gas, which will begin this week, and notified foreign partners of state-run oil company PDVSA of the cancellation of export authorizations that Washington had granted.
- Regular buyers of Venezuelan crude in China and India suspended cargoes for late March and April loading following the announcements.
- Altogether, 42 vessels departed Venezuelan waters in March carrying 804,677 b/d of crude and fuel, and 341,000 metric tons of oil byproducts and petrochemicals, according to the data and internal PDVSA documents.
- The March average was 7.8% lower y/y and was the lowest since December.