Although US oil sanctions imposed on Venezuela in January 2019 have no direct secondary component, oil companies such as Reliance Industries (RIL) that have a significant US presence have curtailed their commercial ties with the Opec nation.
The Organisation of the Petroleum Exporting Countries will pursue this policy 'despite current troubles in several of its member countries.'
While Guaido earned the backing of the United States and most Western countries, the armed forces have stood by Maduro, who retains the support of allies like Russia, China and Cuba.
An apparently carefully planned attempt by Guaido to demonstrate growing military support disintegrated into rioting as palls of black smoke rose over eastern Caracas.
Industry sources said Reliance had a contract to buy some 3 million barrels of crude oil from Venezuela a month, which has been reduced to about 2 million barrels already.
Pompeo is on a three-day trip to Chile, Paraguay and Peru, where Washington's concerns are focused on China's growing presence as well as the Venezuelan crisis.
The country's leadership has been in question since late January when national assembly leader Juan Guaido challenged embattled President Nicolas Maduro as the country's acute economic crisis worsened.
The Trump administration has recognised opposition leader Juan Guaido as oil-rich country's interim leader against President Maduro.
"Reliance not only has complied with US sanctions laws, but also has done its best to adjust its dealings with Venezuela on a voluntary basis to reflect the ongoing changes in US policy," the company said in a statement.
The US official's comment came as Washington ramps up actions on Venezuelan President Nicolas Maduro's regime, which is battling to hold onto power in the face of heavy domestic and international pressure.
Reliance had been supplying alkylate, diluent naphtha and other fuel to Venezuela through its U.S.-based subsidiary before Washington in late January imposed sanctions aimed at curbing the OPEC member's oil exports and ousting Socialist President Nicolas Maduro.
"All options are on the table," he told reporters in the White House. "It's a shame what's happening in Venezuela -- the debt and the destruction and the hunger." Trump spoke at a meeting where he hosted Brazilian President Jair Bolsonaro, who has backed the US-led campaign to pressure Maduro.
Washington is preparing to impose "very significant" Venezuela-related sanctions against financial institutions in the coming days
With the power blackout in its sixth day, hospitals struggled to keep equipment running, food rotted in the tropical heat and exports from the country's main oil terminal were shut down.
The issue was discussed in a meeting with the visiting Indian Foreign Secretary Vijay Gokhale, Pompeo told reporters at a news conference here, without providing insight into it.
Dozens of demonstrators attempted to walk along an avenue in Caracas but were moved onto the sidewalk by police in riot gear, leading them to shout at the officers and push on their riot shields. One woman was sprayed with pepper spray, according to a local broadcaster.
US sanctions against the oil industries of OPEC members Iran and Venezuela have also supported futures.
The United States also revoked the visas of 49 Venezuelan officials and their family members, the State Department said.
Prices have been driven up this year by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
Nicolas Maduro calls the aid a US-orchestrated show and denies any crisis despite many Venezuelans' scant access to food and medicine.
In this episode of Digging Deeper we take a look at the political and economic crisis that has ensued in Venezuela
The United Nations has called for serious political negotiations between the two sides to prevent a slide toward more violence in the South American country.
U.S. West Texas Intermediate (WTI) crude oil futures were at $52.60 per barrel at 0043 GMT, up 19 cents, or 0.4 percent, from their last close.
China is a close ally of Venezuelan President Nicolas Maduro, to whom it has lent billions to help shore up his embattled regime.
Juan Guadio, head of Venezuela's National Assembly, last month declared himself to be the South American country's interim ruler.