Venezuelan President Nicolas Maduro says he has spoken to CARICOM leaders and has told them that he is open to mediation talks in "Trinidad and Tobago or wherever", with the Venezuelan opposition.
His remark came in a speech to members of the Venezuelan diplomatic corps in Caracas Monday.
Prime Minister Dr Keith Rowley says he and the CARICOM team that met with the United Nations today, are confident of a diminishing of tensions in Venezuela in the not too distant future.
The remark forms part of a statement issued by the Office of the Prime Minister today.
It says that coming out of the meeting, "the CARICOM delegation is satisfied that if the conditions for such can be met the UN will assist in establishing the roadmap towards peace and security for Venezuela and the region".
The US has imposed sanctions on Venezuela's state-owned oil firm PDVSA and urged the country's military to accept a peaceful transfer of power.
National Security Adviser John Bolton said President Nicolás Maduro and his allies could "no longer loot the assets of the Venezuelan people".
The sanctions aim to transfer control of Venezuela's oil wealth to forces that oppose socialist dictator Nicolas Maduro and deprive the strongman of resources that could prolong his grip on power.
The Australian Government has recognised Venezuela's Opposition Leader, Juan Guaido, as the country's legitimate leader.
It follows similar declarations by the US, Britain, Germany and France.
Venezuela has sunk into turmoil under President Nicolas Maduro, with ongoing food shortages and daily protests amid an economic and political crisis.
In a statement, Foreign Affairs Minister Marise Payne said Australia would support Mr Guaido until elections were called.
United States ambassador to Trinidad and Tobago, Joseph Mondello says he is deeply concerned with the position of the government of Trinidad and Tobago to recognise Nicolas Maduro as the president of Venezuela.
Minister in the Office of the Prime Minister, Stuart Young has said that the government recognises Maduro as president but the government has not express support for either side in the conflict.