Uprising in Venezuela, oil sector unscathed so far

A military uprising is unfolding in Venezuela where opposition leader Juan Guaido is calling for the overthrow of President Nicolas Maduro.

The revolt was launched around 5:30am at the gates of the La Carlota airbase in eastern Caracas. National police loyal to the government are firing tear gas at insurgents gathering at the site.

Guaido, who heads the opposition-controlled National Assembly and is recognized as Venezuela's interim president by most western nations, appeared at La Carlota with opposition leader Leopoldo Lopez early this morning. Both urged the country's armed forces and all Venezuelans to join the final push to oust Maduro.

"The definitive end of the usurpation started today," said Guaido. "The National Armed Forces, today, brave soldiers, patriots loyal to the constitution, have heeded our call."

Three oil industry sources tell Argus that the Opec country's oil operations have been unaffected so far.

Thousands of Venezuelan residents in the capital have been pouring onto the streets since dawn, heading toward the Altamira exchange, a strategic highway point. But the government has shut down the Caracas metro, impeding transit.

Guaido and Lopez, who said he was released from house arrest by renegade military, appear to have the support of dozens of heavily armed lower ranking elements of the army, national guard and Sebin political intelligence services.

A defense ministry official tells Argus that Sebin commander general Christopher Figuera is backing the attempted coup against Maduro and has ordered his Sebin forces to support Guaido and Lopez.

Separately, audio recordings of internal army communications provided to Argus suggest that two generals are supporting the revolt. Two army officials say "six or seven" garrisons have been seized by troops backing Guaido and Lopez. This claim has not yet been confirmed.

Maduro has not issued any statements. National Constituent Assembly president Diosdado Cabello, widely viewed as Maduro's co-equal in the ruling United Socialist Party (PSUV), warned in a telephone interview on state-owned television that the government's response will be "inflexible and radical."

Cabello ordered all armed collectives and civilian militia units in Caracas to converge on Miraflores presidential palace in downtown Caracas.

Defense minister Vladimir Padrino Lopez separately issued a statement declaring that all army garrisons and naval bases nationwide remain in government hands. "Venezuela's military forces remain united in support of our legitimate President Nicolas Maduro," Padrino said.

Other senior Maduro loyalists, attorney general Tarek William Saab and the head of the supreme court Maikel Moreno denounced the uprising.