Venezuela readies Plan B should US ban oil imports - BBG

Bloomberg quotes people familiar with the situation, as saying that Venezuela’s state-owned oil company and its partners have quietly started working on a Plan B should the US step up sanctions and bans imports.

Key Points via BBG:

Venezuela’s oil exports are vital to the cash-strapped country, prompting officials to look for alternate destinations and sources of revenue.

The U.S., currently the largest single buyer of Venezuelan crude, sanctioned President Nicolas Maduro Monday after he held elections over the weekend for a new assembly that will rewrite the constitution. 

Ricardo Menendez, Venezuela’s planning minister, told reporters Sunday in Caracas, “If a country decides to stop buying Venezuelan oil, there are many markets in the world where you can send Venezuelan oil to. We already export to others parts of the world and have very strong relations from a geopolitical standpoint with Russia, China and India.”