Venezuela's Crude Dilemma: Exports Plummet Amid U.S. Pressure

Venezuela's crude oil exports declined by 11.5% in March due to U.S. tariffs and license revocations. Washington imposed a 25% tariff on Venezuelan exports, prompting delays. China remains the top recipient, while some European partners prepare last shipments. New strategies may emerge for distributing Venezuelan crude in Asia.

Venezuelan crude oil exports fell by 11.5% in March, following strict sanctions from the United States. The Trump administration imposed a 25% tariff and revoked crucial operational licenses in the energy sector, causing significant delays and suspensions in cargo deliveries.

The measures also saw the suspension of Chevron's U.S. license to produce and export Venezuelan oil. The Treasury Department has set May 27 as a deadline for winding down operations, affecting major oil buyers in China and India who have begun halting shipments.

The sanctions have intensified scrutiny on Venezuela's oil industry, leading over 80 vessels to linger in its waters. Despite the challenges, experts suggest Venezuela could reroute its crude exports to Asian markets using third-party countries and sea trans-shipments.

(With inputs from agencies.)