U.S. Threads the Needle to Reinstate Venezuelan Oil

Venezuelan President Maduro and the country’s opposition are expected to resume talks as the United States eased some sanctions to make it easier for the negotiations. Biden Administration authorized Chevron, the last U.S. oil company with a presence in Venezuela, to open talks with the Maduro government, temporarily lifting restrictions on such discussions.

Washington has not decided whether to renew Chevron’s limited license to operate in Venezuela. Chevron is the last U.S. company to maintain a presence in the Latin American nation, home to the world’s largest crude reserves.

The U.S. has also been contemplating to remove sanctions on two individuals: Venezuela’s first lady and a former official of the PDVSA,  the country’s state run oil company.

Last March, a U.S. delegation has visited Caracas to hold talks with the Venezuela government, leading to the release of two detainees. During the talks, Maduro requested the U.S. to lift sanctions on the former PDVSA official.

Maduro also expressed willingness to return to the negotiating table with the opposition in Mexico. The Venezuelan leader had left the negotiations in October. The sides are expected to set a date soon to resume talks.

The talks are expected to end Venezuela’s long standing political crisis, and Washington insists any major lifting of sanctions will depend on progress at the table. The United States has recognized opposition leader Juan Guaido as legitimate president, labeling Maduro’s 2018 re-election as fraudulent. Maduro remains in power.

The Biden Administration has also announced its revised Cuba policy, easing some Trump era restriction.

The U.S. prepares to host the Summit of the Americas in Los Angeles in June. Leaders of Mexico and Bolivia threatened to boycott the summit if Cuba, Nicaragua and Venezuela’s governments are excluded. U.S. officials claim there is no connection between the summit and the Venezuela-Cuba policy revisions.

The U.S. authorization to Chevron to resume talks with PDVSA is a rather narrow one and will not go beyond the discussion of potential future activities. It does not allow Chevron to enter any agreement with PDVSA or any other activity involving PDVSA.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now


Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today


Subscribe to Top Insights Today

Subscribe to Executive Newsletter Top Insights Today

The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights

Join the ranks of global executives and subscribe to Top Insights Today

Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Taiwan to Get Tougher on China’s Economic Espionage

Taiwan aims to swiftly pass revisions to laws that impose harsher measures to block China from stealing its semiconductor technology. The island’s premier, Su said the threat from Chinese supply chain needs an effective deterrent. 

Investors Weigh Options on U.S. Delisting of Chinese Companies

Investors are looking for ways to revitalize investments on Chinese companies listed in American stock exchanges as the diplomatic and economic spat between the U.S. and China force them off of the U.S. market. 

Special Report-G7 Lays Groundwork for Central Bank Digital Currencies

G7 finance ministers and central bank officials committed to a number of principles regarding the use of central bank digital currencies. The officials said transparency, rule of law and economic governance to be crucial for the security and stability of these currencies.

Stay informed

error: This content is protected !!