WILLEMSTAD – Venezuela’s crude oil and fuel exports dropped by 11.5% in March, following the latest U.S. restrictions on the sanctioned energy sector. Washington’s secondary tariffs and license cancellations have led to delays and cargo suspensions, impacting shipments from the South American nation.
Last week, the U.S. government imposed a 25% tariff on Venezuelan crude and gas sales, set to take effect this week. Additionally, the U.S. revoked key authorizations that had allowed international partners of PDVSA, Venezuela’s state-run oil company, to continue operations and exports. The Treasury Department has set a May 27 deadline for companies to wind down their activities in Venezuela.
Exports Drop as Buyers Cancel Shipments
The new measures have prompted regular buyers in China and India to suspend shipments scheduled for late March and April. According to shipping data and internal PDVSA reports, 42 vessels departed Venezuelan waters in March, carrying 804,677 barrels per day (bpd) of crude and fuel, along with 341,000 metric tons of petrochemicals. This marks a 7.8% decline compared to March 2024 and the lowest export level since December.
China remained Venezuela’s largest buyer, receiving 483,700 bpd, followed by the United States (210,700 bpd), India (60,160 bpd), and Cuba (50,130 bpd). Meanwhile, no crude was exported to Europe in March, though some European companies are reportedly loading what could be their final cargoes before the end of the U.S.-mandated wind-down period.
Maduro’s Government Disputes Figures
Venezuelan Vice President Delcy Rodriguez has pushed back against the reported figures, claiming that oil exports actually rose by 8.78% in March. However, she provided no supporting evidence or data to back this statement. The government of President Nicolás Maduro continues to reject U.S. sanctions, calling them an “economic war” aimed at crippling Venezuela’s economy.
Shipping Disruptions and Future Outlook
The tightening restrictions have led to significant disruptions in Venezuela’s oil trade. Two vessels left Venezuelan waters without loading in recent weeks, and over 80 tankers are currently in or near Venezuelan waters, with 35 fully loaded but unable to depart due to regulatory uncertainty.
Analysts predict that these sanctions could severely impact Venezuela’s revenue stream in the coming months, similar to the economic downturn of 2020 when the U.S. last imposed secondary energy sanctions. However, experts also point out that Venezuela may find alternative routes, such as shipping through third countries and offshore transfers, a strategy previously used by other sanctioned oil producers.
With the energy sector at a crossroads, the Maduro administration faces mounting challenges in maintaining vital oil revenue amid growing international pressure.