Dire consequences for Venezuela after US oil embargo, expert predicts The US embargo on Venezuelan oil will “accelerate” the “announced collapse of the Venezuelan oil industry,” says expert Gorka Lalaguna. As of April 28, no foreign entity will be able to use the US financial system to buy crude Venezuelan oil, which feeds 96% of the country’s income. A sanction, which, Lalaguna warns, could lead to “a much deeper humanitarian crisis.” IMAGES AND SOUNDBITES