The move reverses years of U.S. policy aimed at unseating President Nicolás Maduro.
The softening of the sanctions was linked to a deal announced Tuesday in which Venezuelan President Nicolás Maduro, pictured, agreed to enact voting reforms ahead of a planned 2024 election there. | Matias Delacroix/APThe Biden administration said Wednesday it will ease sanctions against companies that trade in oil produced in Venezuelan or invest in the South American country’s oil industry in response to its new agreement to allow free elections next year.
Even before seeing how well Maduro adheres to his promise of free elections, reaching any agreement at all with the country’s opposition was a solid feat, Latin American scholar Diego Abente-Brun said in an interview. “His latest gimmick is to ease sanctions on Nicolas Maduro’s brutal regime in Venezuela. America should never beg for oil from socialist dictators or terrorists,” said Barrasso, who is also the ranking Republican on the Energy and Natural Resources Committee.of North Dakota said this week he was submitting a bill that would prohibit the importation of crude oil and other fossil fuels Venezuela — and from Iran, though Biden has never proposed to lift the long-standing U.S.
The Venezuelan oil industry is such a wreck that well heads have been sold for scrap metal, said Carlos Pascual, former ambassador to Mexico and Ukraine during the Obama and Clinton administrations, and restoring output will require investments that only foreign companies can provide. A freed-up Venezuelan oil industry could pave the way for a medium-term increase in production of 200,000 barrels per day, “a relative drop in the ocean on the global stage,” market analyst firm Rystad Energy said in a note. Even so, the firm cited the deal as the likely reason that the global price of oil dropped about $1 a barrel right after news of the deal broke Monday.
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