Prime Minister Dr Keith Rowley and the CARICOM team in New York are this morning meeting with the President of the United Nations María Fernanda Espinosa Garcés.
The Office of the Prime Minister says this is the first of several meetings carded for today.
The meeting follows their talks with UN Secretary-General Antonio Guterres on Monday when they put forward CARICOM's position on Venezuela.
CARICOM is seeking mediation and has taken a position of non-intervention and non-interference in Venezuela.
Oil rose above $52 a barrel as the White House announced new sanctions against Venezuela’s state oil company Monday, bringing another supply risk to the market.
Futures rose as much as 1.2 percent in New York, following a 3.2 percent drop Monday.
The Trump administration issued fresh sanctions on PDVSA which effectively block President Nicolas Maduro’s regime from exporting Venezuela’s crude to the U.S.
That came hours after Saudi Arabia pledged deeper cuts in February as part of a deal with its allies to cut oil production.to the market.
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.