Here's a look at how such a move might affect both countries.
Full export pipelines were blamed for a glut of oil in Western Canada last fall that led to large discounts for bitumen-blend Western Canadian Select crude compared with NY benchmark West Texas Intermediate.
However, traders somewhat weighed down this scenario against the backdrop of the solid performance in USA oil output, which should be more than enough to offset occasional supply disruptions.
WTI met some fresh buying interest earlier in the day on rumours that the United States could impose sanctions on Venezuelan oil exports in response to the rising social turmoil in the Caribbean country.
Oil prices were mixed on Thursday as traders looked to the possibility of US sanctions on Venezuelan oil sector and a weekly surge in USA crude stockpiles.
"Refiners would likely incur increased transportation costs to access alternatives" to Venezuelan oil, the Simmons analysts wrote. East Coast refineries have not imported Venezuelan crude since 2017, according the S&P report.
Another consideration is whether Washington freezes the Venezuelan leadership's assets or alters the U.S. -Venezuela commercial relationship in other ways, Grais-Targow notes.
Global oil markets are still well supplied, however, thanks in part to surging output in the U.S.
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There's no shortage of oil in the world right now, with global supplies hitting a record last summer. US total oil products exports over the past four weeks averaged about 5.2 million barrels per day, 140,750 barrels per day more than the same four-week period a year ago. "Gasoline demand remains anemic".
During Wednesday's session, oil fell sharply following a report from Reuters that the European Union may soon launch a mechanism that would allow companies to bypass USA sanctions, and trade with Iran.
IHS Markit Vice Chairman Daniel Yergin on the state of the oil market. They've come to rely on the cheap and extra heavy crude found in Venezuela. OPEC's latest production cuts tightened the supply of heavy crude from Saudi Arabia. "Over time, we can see oil production increasing".
The American Fuel & Petrochemical Manufacturers, which represents 95 percent of the refining sector, has lobbied hard over the past two years against any attempts to restrict imports of Venezuelan oil.
The EIA reported Thursday that domestic supplies of natural gas fell by 163 billion cubic feet for the week ended January 18.
Prices are likely to remain on edge until we get further clarity relating to Venezuela, said Matt smith, director of commodity research at ClipperData.
Venezuelan output has been hampered by chronic under investment by the nationalized oil company Petroleos de Venezuela SA (PdVSA). "This would deal a further blow to US refiners that rely on whatever Venezuelan oil is still available and as such would be short-term bullish".
Venezuela's other leading oil customers are China and India. "That's got markets feeling a little bit better".