The US could relax sanctions on Venezuela and allow Chevron oil pumps
The report says that the Biden administration is preparing to lift sanctions if Caracas steps forward toward restoring democracy.
According to the Wall Street Journal, the United States may ease sanctions against Venezuela for Chevron Corp to pump oil into the country. This is if Caracas steps forward towards democracy.
According to the deal proposed, the Biden administration would relax some sanctions in return for Venezuelan President Nicolas Maduro restarting talks with political opposition about the conditions required for free and fair elections in 2024.
According to the report, US officials stated that the agreement was not finalized and could be canceled if Maduro’s government does not restart negotiations with opposition parties.
This deal would allow Chevron and US oil service companies to resume Venezuelan oil exports to the global market amid rising energy prices.
Energy experts have warned that Venezuela’s oil supply could have a limited impact on prices, as Venezuela’s production has fallen after years of economic crisis and mismanagement.
Since 2019, the US has placed severe sanctions on Venezuela’s oil sector. The Trump administration and its allies have declared Juan Guaido, the opposition leader, the legitimate leader of the country following allegations of vote rigging.
Adrienne Watson, the spokesperson for the White House National Security Council, stated Wednesday that the administration did not plan to alter its sanctions policy “without constructive measures” for Maduro to restore democracy.
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