President Donald Trump said on Monday he would levy a 25 percent tariff across the board on any country buying oil or gas from Venezuela, as he escalated trade wars with a number of US foes and allies.
“Venezuela has been very hostile to the United States and the Freedoms which we espouse,” he wrote on his Truth Social network. “Therefore, any Country that purchases Oil and/or Gas from Venezuela will be forced to pay a Tariff of 25% to the United States on any Trade they do with our Country.”
In December 2023 and January 2024, India became the top buyer of Venezuelan crude oil. In 2024, India imported 22 million barrels of oil from Venezuela, which made up 1.5% of India’s total crude oil purchases.
Key figures regarding India’s oil/gas imports from Venezuela:
- December 2023: India imported approximately 191,600 barrels per day (bpd). Reliance Industries received around 127,000 bpd, while Indian Oil Corporation (IOC) and HPCL-Mittal Energy received approximately 37,000 bpd and 28,000 bpd, respectively.
- January 2024: India’s imports rose to over 254,000 bpd, which was nearly half of Venezuela’s total oil exports of almost 557,000 bpd for the month.
Announcing the new tarrif, Trump said on his Truth Social platform: “President Donald J. Trump announced today that the United States of America will be putting what is known as a Secondary Tariff on the Country of Venezuela, for numerous reasons, including the fact that Venezuela has purposefully and deceitfully sent to the United States, undercover, tens of thousands of high level, and other, criminals, many of whom are murderers and people of a very violent nature. Among the gangs they sent to the United States, is Tren de Aragua, which has been given the designation of āForeign Terrorist Organization.ā We are in the process of returning them to Venezuela ā It is a big task! In addition, Venezuela has been very hostile to the United States and the Freedoms which we espouse.”
“Therefore, any Country that purchases Oil and/or Gas from Venezuela will be forced to pay a Tariff of 25% to the United States on any Trade they do with our Country. All documentation will be signed and registered, and the Tariff will take place on April 2nd, 2025, LIBERATION DAY IN AMERICA. Please let this notification serve to represent that the Department of Homeland Security, Border Patrol, and all other Law Enforcement Agencies within our Country have been so notified. Thank you for your attention to this matter!” Trump added.
