US Imposes tariff on Venezuelan oil buyers, extends Chevron deadline

US President Donald Trump announced a 25 per cent tariff on countries purchasing Venezuelan oil, aiming to pressure President Nicolás Maduro’s government while extending Chevron’s deadline to exit Venezuela.

The US Treasury extended the oil major’s wind-down period until May 27, allowing continued operations amid broader sanctions. The tariff, effective April 2, targets Venezuela’s largest buyers, including China, which condemned the move as interference in internal affairs.

Analysts suggest the measure could reduce Venezuela’s crude exports, force price discounts, and drive buyers towards Russian oil. Meanwhile, Maduro’s government denounced the sanctions as “illegal and desperate.”

Trump, prioritising illegal migration, also linked the policy to deporting alleged Venezuelan gang members. Oil prices rose 1 per cent on the news but were tempered by Chevron’s extension.

Attribution: Reuters
Subediting: M. S. Salama