The United States could impose a 25% tax on countries buying Venezuelan oil

The US administration is considering introducing tariffs of 25% on all imports from countries buying oil from Venezuela. China is the largest buyer of Venezuelan oil, accounting for 45% of the country's sales. The other buyers of Venezuelan oil are the United States (29%), India, Spain and Italy. The US administration has also banned Chevron from exploiting assets that the company owns in Venezuela. In 2024, Venezuela exported 900,000 barrels per day. Oil exports are the country's main source of foreign currency. However, the impact of these sanctions on oil prices could be limited, as OPEC countries have the means to compensate for the drop in deliveries from Venezuela.