On Monday, March 24, President Trump issued an Executive Order directing the Secretary of State to determine which countries may be subject to additional tariffs due to their import of oil from Venezuela.

On or after April 2, 2025, a tariff of 25% may be imposed on all goods imported into the United States from any country that imports Venezuelan oil, whether directly from Venezuela or indirectly through third parties. Duties imposed under this order will be in addition to those already imposed on imports pursuant to IEEPA, Section 232 of the Trade Expansion Act of 1962, Section 301 of the Trade Act of 1974, or any other authority.

The following analysis was provided by NCBFAA Legislative Advisor Nicole Bivens Collinson of Sandler, Travis & Rosenberg, P.A.

As of early 2025, several countries import oil or petroleum from Venezuela. Based on available data and trends, the primary importers include:

China: The largest buyer – accounts for a significant portion of Venezuela’s oil exports (over 50% in recent years, with approximately 503,000 barrels per day (bpd) reported in early 2025

United States: Imports averaged around 222,000 bpd in 2024, though this may decrease after April 2025 due to expiring U.S. licenses and potential tariff policies

India: Imported roughly 125,000 bpd in early 2025

Spain: Imported about 75,000 bpd in 2024

Cuba: Imported around 32,000 bpd in 2024

Brazil: Imports an estimated at 8-10% of Venezuela’s total exports in recent years

Turkey: Imported about 13-14% of Venezuela’s exports in 2023

These tariffs would be in addition to any other tariffs already in place on a country, such as section 232, section 301, and/or IEEPA tariffs. RIM will continue to closely monitor this evolving situation and provide updates as necessary. Please reach out to your RIM representative should you have any further questions.