Who buys oil from Venezuela? Trump threatens buyers with 25% tariff

The U.S. is Venezuela’s second-largest oil customer. Now, Trump is pushing to make that relationship even costlier - for everyone.

Former President Donald Trump has warned that any country purchasing oil from Venezuela will face a 25% tariff on trade with the U.S. His announcement follows a deal with Nicolás Maduro’s regime to resume deportations of Venezuelan migrants back to the country. While Trump’s move aims to choke off Venezuela’s oil revenue, it also raises questions about its impact on global buyers – including China, Spain, and even the U.S. itself.

Who actually buys Venezuela’s oil?

Despite years of sanctions, Venezuela’s oil exports grew 10.5% in 2024, with China taking the lion’s share at 68%.The U.S. still accounted for 23%, making it the second-largest buyer. Other importers include Spain and Cuba (4% each), with Singapore, Malaysia, and Russia picking up a little too.

While Spain’s involvement is notable - especially given that Spanish energy giant Repsol operates in Venezuela – the real economic battleground is China. Beijing’s energy appetite keeps Maduro’s government afloat, and if Trump enforces this tariff, it could force a confrontation with the world’s second-largest economy.

What does Trump say is behind the move?

On Truth Social, Trump claimed Venezuela had “secretly and deliberately” sent violent criminals to the U.S., saying the country had acted “hostile to the freedoms we stand for.” His solution? A secondary tariff that would punish any country purchasing Venezuelan crude.

At the same time, Trump has begun rolling back Temporary Protected Status (TPS) for Venezuelans, a program that allowed some to live and work legally in the U.S. Nearly 350,000 Venezuelans now face deportation, and the administration recently sent hundreds of migrants to El Salvador, branding them as gang members.

Will the latest Trump tariff actually happen?

Trump, as usual, hasn’t set a date for when this tariff would take effect. It’s also unclear how it would apply to countries that already face trade restrictions with the U.S. But if enforced, the consequences would be felt far beyond Venezuela.

The biggest loser could be the U.S. itself. American refiners still rely on Venezuelan heavy crude, and a 25% tariff on their imports would likely raise domestic fuel prices. Meanwhile, China would almost certainly continue buying Venezuelan oil, possibly at even cheaper rates.

The move also adds uncertainty for U.S. energy companies like Chevron, which had been operating in Venezuela under a Biden administration license. Trump already ended that arrangement, forcing Chevron to exit by April 3. That decision angered parts of the Venezuelan opposition, who saw the oil operations as a way to exert influence over Maduro.

For now, the only certainty is that Venezuela’s oil will keep flowing somewhere – whether it’s to the U.S. or to buyers willing to test Trump’s latest gamble.

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