The Biden administration is conceding the reality of the last six months: Venezuelan President Nicolás Maduro does not intend to hold free and fair
It was a bold move, a gamble -- and a stark departure from former President Donald Trump's "maximum pressure" campaign -- with Biden officials saying they hoped that engaging the strongman Maduro could help find a political solution to end the turmoil in Venezuela that has sent one-fifth of its population fleeing -- more refugees than from the wars in Syria or Ukraine.
In March, Venezuela's oil exports rose to their highest level since early 2020 as customers rushed to complete purchases ahead of this move -- one that the Biden administration warned of last March – one final warning that Maduro again ignored. But Venezuelan oil production has been low for years now because of "years of underinvestment and mismanagement," per a report by the U.S. EIA last fall.
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