Trump writes on his social media platform Truth Social that the tariffs will start being collected on April 2, the same day the tariffs against, among others, Canada and Mexico will come into effect.
According to the analysis firm Kpler, Venezuela exported approximately 660,000 barrels of oil per day last year. China was the largest destination country with around 270,000 barrels per day.
This announcement from the Trump administration appears to be another measure aimed at China, says Matt Smith, oil analyst at Kpler, to CNBC.
Chevron gets to conclude
Trump does not clarify how the tariff regime affecting trade with Venezuela will be administered. The whole thing can be complicated by the fact that the USA is the second-largest destination country, with around 233,000 barrels per day last year, according to Kpler.
Chevron must gradually shut down its operations in Venezuela, and the finance department in Washington had previously set April 3 as the deadline. But on Monday, the department extended the deadline until May 27, reports news agency AFP.
Last week, The Wall Street Journal reported that Chevron's CEO Mike Wirth had a meeting with Trump about the company's business in Venezuela.
Rising oil price
India bought 61,000 barrels per day and Spain nearly 60,000 barrels of Venezuelan oil last year.
The President has accused Venezuela of sending members of the Venezuelan crime cartel Tren de Aragua, which Trump considers to have "invaded" the USA. These are also among the targets for the deportations the new American government is carrying out.
On Monday, a barrel of North Sea oil (brent) and a barrel of American WTI oil increased by approximately 1.2 percent in price to 73.00 and 69.11 dollars per barrel, respectively.
