US to relax sanctions on Venezuela, boosting oil production - report

Thursday, 06. October 2022 02:33

The United States is planning to ease the sanctions regime imposed on Venezuela in order to increase the production of oil and mitigate the energy crisis, the Wall Street Journal reported. The move would allow Chevron Corp. to restart oil extraction in Venezuela, "paving the way for a potential reopening of US and European markets" to oil from the country, sources said.

The report claimed that the US will require Venezuelan President Nicolas Maduro to negotiate with the opposition on "conditions needed to hold free and fair presidential elections in 2024" in return. However, the people familiar with the matter also warned that the agreement could be abandoned if Maduro's government does not approach the talks "in good faith."

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Baha Breaking News (BBN) / DJ