Tillerson says US mulling sanctions on Venezuela's oil

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The United States is considering restricting imports of Venezuelan crude oil and exports of US refined products to Venezuela, US Secretary of State Rex Tillerson said on Sunday, in an attempt to put pressure on Venezuelan President Nicolas Maduro to "return to the constitution."

"One of the aspects of considering sanctioning oil is what effect would it have on the Venezuelan people? Is it a step that might bring this to an end more rapidly?" Tillerson said at a news conference in Buenos Aires, referring to Venezuela's economic and political crisis.

Tillerson is on a Latin America trip that also includes visits to Mexico, Peru, Colombia and Jamaica.

A worker counts Venezuelan bolivar notes at a gas station in Caracas, Venezuela, December 1, 2017. /VCG Photo

Speaking to reporters, Tillerson also suggested Maduro could be toppled by his own military.

Restrictions on Venezuela's all-important oil industry would represent an escalation of financial pressure on the member of the Organization of the Petroleum Exporting Countries (OPEC). Venezuela is already gripped by severe shortages of food and medicine.

Sanctions have so far focused on individual members of Maduro's government and a ban on buying new Venezuelan debt.

But Tillerson said Washington is still looking at options to minimize impacts on US businesses.

Argentine Foreign Minister Jorge Faurie agreed with Tillerson, but stressed that sanctions "must never harm the Venezuelan people."

A sign indicating that credit cards are accepted is displayed at a food stand in the Chacao district of Caracas, Venezuela,‍ December 6, 2017. /VCG Photo

Tillerson is due to meet Argentina's President Mauricio Macri on Monday before flying on to Peru and then Colombia, which has already received around half a million Venezuelan refugees.

He will then visit Jamaica for talks on how regional powers can replace the subsidized oil that Venezuela ships to Caribbean nations.

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Source(s): AFP ,Reuters