Venezuela's exports of crude oil and fuel fell 11.5% in March month-on-month as Washington's imposition of secondary tariffs and the cancellation of key licenses to operate in the U.S.-sanctioned energy sector led to delays and cargo suspensions,

The new measures would represent the most aggressive US siege against Venezuela’s economy thus far, posing the threat of mass death and a renewed exodus.

Venezuela's exports of crude oil and fuel fell 11.5% in March as Washington's imposition of secondary tariffs and the

Imports of oil, gas and refined products were exempted from U.S. President Donald Trump’s sweeping new tariffs, the White House said on Wednesday.

Oil futures dropped as the U.S. reciprocal tariff rollout is seen worse than many had expected, raising concerns it will slow the global economy and oil demand with it.

Russia reaped less money from oil taxes last month as production fell and global crude prices declined. Oil-tax proceeds dropped by more than 15% from a year earlier to 956.8 billion rubles ($11.4 billion),

Stock indexes tumbled on Thursday, with the S&P 500 down more than 4%, while the U.S. dollar weakened and oil prices fell more than 6% as President Donald Trump’s drastic U.S. trade tariffs stoked fears of a global recession and led investors to seek safe-haven assets like bonds and the yen.

The combination of lower oil prices and higher costs for essential materials like steel pipe threatens to squeeze domestic oil and gas producers.

Prices fell sharply after Trump unveiled plans to impose sweeping tariffs on major trade partners, stoking fears that an escalating global trade war will hurt economic growth and demand for crude.