Guaido, head of Venezuela's opposition-controlled congress, proclaimed himself interim president last week in opposition to socialist President Nicolas Maduro, and his legitimacy has been backed by the USA and two dozen other nations.
The US, along with a host of other Western allies, have publicly put its weight behind opposition leader Juan Guaido and called for president Nicolas Maduro to step aside. The conditions have prompted more than 2 million people to flee, according to the United Nations.
The move comes at a time when Venezuela is also mired in a political crisis after parliament head Juan Guaido declared himself "acting president" last week.
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Secretary of State Mike Pompeo stressed that the new sanctions do not target the people of Venezuela and will not affect humanitarian assistance, including medicine and medical devices that are "desperately needed after years of economic destruction under Maduro's rule".
Sen. Marco Rubio, a vocal critic of Maduro who has called for such sanctions, welcomed the move even before it was announced.
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A recent poll suggests that the vast majority of Venezuelan people oppose military intervention and USA sanctions.
The sanctions, imposed on January 28, prohibit PDVSA from collecting proceeds from crude oil sales to USA refineries, adding to the pressure on Maduro.
The Alberta government's production curtailment program that began January 1 - created to draw down a glut of trapped oil in Western Canada - means there is less oil available to increase exports, he said.
Venezuelans braced for the deepening of a brutal economic crisis on Tuesday after the United States imposed sanctions sharply curbing the country's vital oil exports, while the socialist government responded by refusing to load crude cargoes without payment.
It added those shipments have fallen to about 505,000 barrels per day from over 900,000 bpd earlier this decade and Venezuela now supplies only 13 US refiners, down from 22 seven years ago. It accounted for 37% of Valero's total imports in 2018 and 17.6% of Chevron's, according to Panjiva data.
The U.S. State Department raised its travel advisory for Venezuela to level 4 and warned that Americans have been arbitrarily detained "for long periods" in the politically unstable nation. The country sends 41 percent of its oil exports to the US. "The control of the oil resources in Venezuela, as well as the diamonds, gold, water, gas and a whole range of natural resources, is massively important for the United States, and [their] geostrategic interests across the world", he added. Transport costs would also jump because Venezuela's ports are not well-equipped to load supertankers for transporting oil to such distant markets.