Additional Tariffs on Countries Importing Venezuelan Oil
Effective April 2, 2025, and per Executive Order 14245 dated March 24, 2025, Imposing Tariffs on Countries Importing Venezuelan Oil, (Federal Register Vol. 90, No. 58: 2025-05440) a 25% tariff on goods from countries importing Venezuelan oil. The order establishes mechanisms for the administration, enforcement, reporting, and review of the tariffs. It terminates, suspends, or modifies any prior inconsistent directives and remains in effect until further notice.
The Secretary of State, along with other government officials, is authorized to administer and enforce the tariffs. The Secretary of Commerce is responsible for determining if a country has imported directly or indirectly Venezuelan oil and issuing necessary regulations to implement the order and coordinate with the heads of other executive departments and agencies to ensure compliance. Periodic reports on the implementation of the order will be submitted every 180 days to the President by the Secretary of State and the Secretary of Commerce. The first report is due no later than September 20, 2025. The tariff will expire one year after the last date a country imported Venezuelan oil or earlier if determined by the Secretary of Commerce.
The duties imposed by this order will be in addition to duties on imports already imposed under the IEEPA, Section 232 of the Trade Expansion Act of 1962, Section 301 of the Trade Act of 1974, or any other relevant authority. If tariffs are imposed on China, they will also apply to Hong Kong and Macau to prevent transshipment and evasion. Any previous conflicting presidential proclamations or directives are terminated, modified, or suspended to fully implement this order. Other existing directives related to Venezuela or countries subject to tariffs remain in effect, except as specified in the order.
Based on available data and trends provided by NCBFAA’s Legislative Advisor Nicole Bivens Collinson of Sandler, Travis & Rosenberg, P.A., the primary countries that import Venezuelan Oil include:
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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
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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
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Imports roughly 125,000 bpd in early 2025
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Imported about 75,000 bpd in 2024
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Imports around 32,000 bpd in 2024
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Imports an estimated at 8-10% of Venezuela's total exports in recent years
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Imported about 13-14% of Venezuela’s exports in 2023
Other countries, such as Italy, Russia, Singapore, and Vietnam, also import Venezuelan oil, though in smaller or less consistent volumes.
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