“We have many options for Venezuela, but the president also remains confident that working with all of our allies across Latin America we can achieve a peaceable solution,” Pence said in a news conference alongside Colombian President Juan Manuel Santos, as he began a week-long Latin America tour of four countries. Pence’s trip to Colombia, Argentina, Chile and Panama was dominated by US efforts to find joint action with Latin American partners to increase pressure on Maduro. Venezuela’s leftist allies Bolivia, Cuba, Ecuador and Nicaragua meanwhile all backed Venezuela in a confrontation against its “imperialist” foe. Venezuela’s economy is heavily reliant on its oil exports, and shipments to the US — its biggest customer — account for 40 percent of its crude production, but only eight percent of American oil imports. The US sanctions so far have been against individuals and not targeted Venezuela’s oil industry, which would have consequences for US refineries.

Source: Manila Times August 14, 2017 03:00 UTC